BEL shares up 2% to record high after Rs 572 crore defence orders and Q4 results
Bharat Electronics Ltd
(
BEL
) rallied 2% fresh 52-week high of Rs 373.40 on Monday after the company reported strong fourth-quarter earnings and secured additional
defence orders
worth Rs 572 crore, further bolstering investor sentiment amid a broader rally in defence stocks.
Bharat Electronics has received new orders totalling Rs 572 crore since its last disclosure on April 7, according to an exchange filing on Friday. The major orders include Integrated Drone Detection and Interdiction Systems (IDDIS), Software Defined Radios (SDRs), and data communication units for attack guns.
The company also secured contracts for artificial intelligence-based naval solutions, simulators, jammers, communication equipment, spares, and related services. These additions come at a time when defence spending is accelerating amid heightened geopolitical tensions.
Strong Q4 performance
BEL posted a 30% year-on-year rise in net profit to Rs 1,797 crore for the quarter ended March 2024, the company said in an exchange filing on Sunday. Revenue for the period rose 32% to Rs 8,564 crore from Rs 6,479 crore a year ago.
The company's board has recommended a final dividend of Rs 0.80 per equity share.
BEL's order book stood at Rs 76,000 crore as of April 1, reflecting a 25.2% increase from the previous fiscal.
Stock gains and sector rally
Shares of BEL closed 3.85% higher at Rs 363.9 apiece on the National Stock Exchange on Friday. The stock has gained 15.2% in the past week alone, while rising 30.9% over the last six months and 40.6% over the past year.
BEL has been a key contributor to the recent surge in defence sector stocks. The Nifty India Defence index has rallied over 12% in the last three weeks, with the overall market capitalisation of the sector increasing by Rs 1,17,163 crore. BEL alone has added Rs 29,970 crore to its market cap in that period.
Also read |
Nifty likely to advance towards 25,200-25,800: Analysts
From a technical standpoint, BEL shares are trading above all eight key simple moving averages, including the 150-day and 200-day SMAs. The 14-day Relative Strength Index (RSI) is at 80.5, indicating that the stock is currently in overbought territory.
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