BHEL shines after signing MoU with Russian agency

India’s largest power generation equipment manufacturer, Bharat Heavy Electricals Limited (BHEL) informed that they have signed a Memorandum of Understanding (MoU) with Joint Stock Company (JSC) Rosoboronexport (Russia) at Fifth India Russia Military Industrial Conference held in Lucknow (Uttar Pradesh).

Reacting to this, the stock of BHEL is trading in positive numbers today. The company said that they have signed the pact for cooperating and undertaking joint projects as well as operations for Defence Systems. It added that the MoU would help them in leveraging their capabilities and strength in association with Original Equipment Manufacturer (OEM) of Russia under ‘Make in India’ initiative. This agreement would also help Russian firm in extending support and solutions to Indian Defence Force (IDF).  

The fifth India Russia Military Industrial Conference was held on the sidelines of Defence Expo 2020, in which around hundred Russian and over two hundred Indian Industry leaders had participated with an aim to bring about a transformation in the defence sector with the help of digital technology.

At 2.15 pm on Thursday, the stock of BHEL is trading at Rs 37.15, up by 2.20 per cent against its previous close of Rs 36.35. In the early morning trade today, the stock was trading at Rs 36.90 on BSE.