Bharat Electronics share price jumps 6% to new 52-week high, Q1 profit rises 15-fold; buy, sell, or hold-
时间:2024-06-26 10:21:17 阅读(143)
Bharat Electronics (BEL) share price soared more than 6 per cent to a fresh 52-week high of Rs 260.75 apiece on Monday, on a 15-fold rise in Q1 profit. Bharat Electronics net profit in first quarter of current fiscal rose 1401.64% to Rs 365.65 crore as against Rs 24.35 crore during the previous quarter ended June 2021. On Monday, BEL stock witnessed a sudden surge in its volumes, supporting the price move. In volume terms, a total of 20 lakh shares exchanged hands on BSE, while 2.96 crore scrips were traded on NSE, so far in the day.
Ravi Singh, VP & Head of Research, Share India Securities, told FinancialExpress.com that on the technical front, the counter is showing strength in most of the momentum indicators and the current trend will remain intact for some more levels. “Investors may hold their positions for a long-term target of Rs 270 levels in the stock,” Singh advised.
Reliance Securities has maintained it’s positive stance on BEL’s long-term prospects led by the robust defence spending, strong expertise and relationship with government entities and diversification into non-defence business. “We expect the company to clock a double-digit growth over the next couple of years, aided by business opportunities in both defence and non-defence segments. BEL is among the few defence PSUs that historically delivered strong financials and has a track record of efficient capital allocation. The debt-free balance sheet, efficient working capital management, adequate R&D spend, technology adoption, track record of timely execution of large projects, strong cash flow and prudent capital allocation augurs well for the company,” it said. The research firm has recommended to buy BEL stock, with a target price of Rs 270 apiece.
A stellar Q1FY23 earnings due to a relatively lower base last year has led to an excellent uptrend in Bharat Electronics, AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com. “260 continues to remain a strong resistance. A daily close above this level could lead to 295 in the coming weeks. Alternatively, investors can wait for a dip near 220-225 to buy for higher targets,” Ramachandran advised.
The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.
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