Sharekhan's research report on Bharat Electronics
The government’s emphasis on ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives in the defence sector and production target of $25 billion by 2025 through indigenisation and higher exports in defence bodes well for a player like BEL. BEL is focused on diversifying its revenue base by pursuing non-defence opportunities in homeland security, smart city, energy storage products, solar, space electronics, network, and cyber security. Further, growing exports (~60% CAGR over FY2022-FY2024E) shall also aid revenue growth. We are bullish on BEL, given its strong manufacturing and R&D base, growing indigenisation, and strong balance sheet with healthy return ratios.
Outlook
We reiterate Buy on Bharat Electronic Limited (BEL) with a revised PT of Rs. 390, as its healthy order book of Rs. 55,450 crore, promising order inflow pipeline, and increasing indigenisation would drive the company’s long-term performance.
More Info
At 15:10 hrs Bharat Electronics was quoting at Rs 328.00, down Rs 1.15, or 0.35 percent.
It has touched an intraday high of Rs 332.00 and an intraday low of Rs 327.20.
It was trading with volumes of 158,013 shares, compared to its thirty day average of 376,451 shares, a decrease of -58.03 percent.
In the previous trading session, the share closed up 1.06 percent or Rs 3.45 at Rs 329.15.
The share touched its 52-week high Rs 333.80 and 52-week low Rs 183.45 on 06 September, 2022 and 29 October, 2021, respectively.
Currently, it is trading 1.74 percent below its 52-week high and 78.8 percent above its 52-week low.
Market capitalisation stands at Rs 79,920.25 crore.
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