A big deal has been approved in the defense sector today, Bharat Electronics Limited said in a information sent to the stock market today that the government has approved the joint venture between the company and Israel Aerospace Industries Limited. This joint venture is for product support of the medium range surface to air missile system used in India. The company gave this information to the stock market after the market closed. The stock closed above the level of 293 with a gain of more than one percent on Friday.

What information has the company given

In the information sent to the stock market, the company said that the Ministry of Corporate Affairs has approved the formation of BEE IAI Aerosystems Private Limited on 25 September 2024. This company is a joint venture of Bharat Electronics Limited and Israel Aerospace Industries. According to the company, they received a letter about this on Friday. According to the company, this joint venture will provide product support for medium range surface to air missile systems, which includes repair and maintenance and related activities. BEL is an important company in the defense sector and is associated with Akash missile system, quick reaction air defense system, naval weapon system etc. On the other hand, according to the website of Israel Aerospace, the company's portfolio includes air and missile defense systems, unmanned aerial systems, ground robotics How has the stock performed? The stock's return in the last 3 years has been 331 percent, while in the last one year the stock has increased by 114 percent. So far in the year 2024, the stock has gained 59 percent. However, the stock has fallen by about 4 percent in the last 3 months.