PSU Defence Stock Jumps Over 6% Intraday After Bagging Orders, Buy With TP Rs 125

Shares of leading PSU defence stock, Bharat Electronics Ltd (BEL) witnessed a jump of over 6% on BSE after it bagged orders worth Rs 8194 crore. Current market price of BEL is Rs 97.25 apiece with jump of 6.37%. Meanwhile, ICICI Securities has maintained buy call with target price of Rs 125 apiece. If you buy Bharat Electronics share, you can get potential return of 29%. The stock gave return of 38% in last 1-year, 133% return in last 2-years, and 293% return in last 3-years. Check
details below:

Bharat Electronics Ltd Bags Order Worth Crores: According to the BSE filing of the company, ""The Ministry of Defence (MoD) has signed 10 contracts totalling Rs 5,498 crore and two contracts of Rs 2,696 crore with state-owned aerospace and defence electronics company Bharat Electronics."

Bharat Electronics Ltd Stock Performance & Return: Current market price of BEL is Rs 97.25 with 52-week high at Rs 115.00 apiece and 52-week low at Rs 68.88 apiece, respectively. The Navratna status company has a market capitalisation of Rs 71,138.77 crore. The stock gave return 6% in 1-week, 4% in 2-weeks, and 105% in last 5-years. It fell 3.71% in last 6-months.

Valuation: According to ICICI Securities, "Maintain BUY with an unchanged target price of Rs125 on 25x FY24E EPS. We recommend the stock as one of the key picks in the defence sector. Delay in order inflow is a key risk in our view."

Bharat Electronics Ltd: Guided by a farsighted vision to make the country self-reliant in Defence electronics, Bharat Electronics Limited (BEL) was set up in Bangalore in 1954 by the Government of India under the Ministry of Defence (MoD). From a humble beginning, BEL has come a long way. It is now a Navratna PSU and India's foremost Defence electronics company.

Disclaimer: The stock has been picked from the brokerage report of ICICI Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.