Bharat Electronics Share Price is bullish after falling by Rs 238, see Bajaj Housing Finance, NTPC, IRFC Stock Update
Bharat Electronics Ltd. (BEL), a leading defense electronics company in India, saw its share price decline by 2.4% on Thursday, September 19, 2024, as it traded at ₹291.80 on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The stock opened at ₹290.90 and closed at ₹289.95, with a trading volume of 9,184,637 shares.
The company’s share price has been fluctuating in recent days, with a 52-week high of ₹340.50 and a 52-week low of ₹127.00. As of September 10, 2024, BEL’s market capitalization stood at ₹2,05,806.82 crore, making it a large-cap company in the Aerospace & Defense sector.
Despite the dip in share price, BEL’s financial performance has been strong. In the quarter ending March 2024 (Q4FY24), the company achieved a turnover of ₹8,335.01 crore, up from ₹6,327.48 crore in the corresponding period of the previous year. Profit Before Tax (PBT) increased to ₹2,385.61 crore from ₹1,781.49 crore, while Profit After Tax (PAT) rose to ₹1,783.52 crore from ₹1,365.36 crore.
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For the full financial year 2024 (FY24), BEL reported a turnover of ₹19,819.93 crore, registering a growth of 14.35% over the previous year. PBT stood at ₹5,334.56 crore, with a growth of 33.87%, while PAT was ₹4,020.00 crore, up by 33.70%. The company’s order book position as of April 1, 2024, stood at a robust ₹75,934 crore.
BEL’s Board of Directors has recommended a final dividend of ₹0.80 per equity share (face value of ₹1 each) for FY24, subject to shareholder approval in the upcoming Annual General Meeting.
Analysts remain bullish on BEL’s long-term prospects, with Motilal Oswal maintaining a “buy” rating on the stock with a target price of ₹360. The company’s strong order book, focus on defense electronics, and potential benefits from the “China plus” strategy and protectionist measures for the tyre industry make it an attractive investment option.
However, it is important to note that the stock’s current valuation, trading at a Price-to-Earnings (P/E) ratio of 51.65 and a Price-to-Book (P/B) ratio of 12.61 as of September 10, 2024, may be considered on the higher side by some investors.
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