Motilal Oswal maintained its ‘Buy’ rating on Bharat Electronics, with a target price of Rs 490, implying an upside of 24% for the BEL share price from current levels. Recently, the company received an order from the Indian Army for the quick reaction surface-to-air missile (QRSAM) project.

Motilal Oswal on Bharat Electronics: Big procurement by Indian Army

Motilal Oswal stated that it expects Bharat Electronics to also benefit from orders for next-generation corvettes, electronics warfare, follow-on orders for electronics for 97 Tejas Mk1A, and export opportunities. This makes the company a key defence sector stock to watch out for, going forward.

The Indian Army will be procuring 5-6 regiments of the indigenously developed ‘Anant Shastra’ surface-to-air missile weapon systems, and

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