Bharat Electronics rose 4.05% to Rs 1,422 at 14:39 IST on BSE on reports that a foreign brokerage has maintained buy rating on the stock citing high medium-term visibility in order inflows for the company.
Meanwhile, the S&P BSE Sensex was up 104.16 points or 0.39% at 26,699.61.
On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 32,215 shares in the past one quarter. The stock had hit a high of Rs 1,424 and a low of Rs 1,368 so far during the day.
The stock had hit a record high of Rs 1,540 on 9 December 2016 and a 52-week low of Rs 1,009 on 1 March 2016. It had underperformed the market over the past one month till 2 January 2017, sliding 3.69% compared with the Sensex's 1.39% rise. The scrip had, however, outperformed the market over the past one quarter surging 9.74% as against the Sensex's 4.56% fall.
The large-cap company has equity capital of Rs 223.36 crore. Face value per share is Rs 10.
The brokerage expects a 15% earnings growth for Bharat Electronics over FY 2016-19.
Bharat Electronics' net profit rose 68.2% to Rs 346.25 crore on 15.1% growth in net sales to Rs 1755.89 crore in Q2 September 2016 over Q2 September 2015.
Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.
The Government of India held 74.41% stake in Bharat Electronics (as per the shareholding pattern as on 4 November 2016).
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