Shares of Bharat Heavy Electricals Limited (BHEL) hit a 52-week high of Rs 166 on 29 November, rallying for the fifth consecutive session after the Defense Ministry finalised a deal with the company to procure 16 upgraded super rapid gun mounts and accessories for the Indian Navy.

The Ministry of Defense said that the super rapid gun mount will be installed on the Indian Navy’s in-service and newly built vessels.

The company’s Haridwar plant will develop the super rapid gun mount.

The Ministry of Defense said, “The weapon system is capable of multiple engagements in multi-threat scenarios and has a proven record of very good performance against missiles and highly manoeuvrable fast attack crafts.”

The company had also signed a Memorandum of Cooperation with Electricité de France (EDF) S.A., France, which is the largest nuclear operator worldwide and a French state-owned company, for exploring the opportunity to maximise the local content of the Jaitapur Nuclear Power Plant Project that is to be established by NPCIL in India.

In its exchange filing on 28 November, the company said, “BHEL and EDF will also explore larger collaborations for the European Pressurised Reactors (EPRs) and the NUWARD SMR (Small Modular Reactor).”

At 3:30 pm, the shares of BHEL closed 5.77% higher at Rs 165.05 on NSE.