BEL shares soar 2% on inking JV agreement for HAMMER weapon production in India

The stock stood at ₹410.40 per equity share, up by 1.63% at around 12:07 pm.

The scrip has declined over 2% in the past five days and more than 1% over the month. However, it has gained nearly 7% in the last six months and about 39.5% year-to-date.

It reached a 52-week high of ₹436 on July 1, 2025, and touched a year’s low of ₹240.25 per equity share on February 19, 2025.

The two defence companies signed the agreement for the production of the Highly Agile Modular Munition Extended Range (HAMMER) Smart Precision Guided Air-to-Ground Weapon in India.

On February 11, BEL and SED signed an MoU during Aero India to incorporate a potential joint venture company (JVC) in the country. The two signing the JVCA formalised the intent, the Indian Ministry of Defence said in a press release on November 24.

The JVC, which will be formed as a private limited company with a 50:50 shareholding, will localise the manufacturing, supply, and maintenance of HAMMER to meet the operational needs of the Indian Air Force and the Indian Navy.

The indigenisation level will progressively increase up to 60% with key sub-assemblies, electronics and mechanical parts being manufactured locally, it stated.

Furthermore, the transfer of production will happen in a phased manner with BEL leading final assembly, testing, and quality assurance.

HAMMER is a combat-proven, precision-guided weapon system known for its high accuracy and modular design, making it adaptable for multiple platforms, including the Rafale and Light Combat Aircraft Tejas.

“This JVCA underscores BEL’s commitment to strengthening India’s defence industrial base and aims at leveraging SED’s extensive experience in the manufacturing of smart precision-guided air-to-ground weapons,” the press release added.

BEL has a total market capitalisation of ₹1.46 lakh crore, as of November 25, 2025, according to data on the NSE.