Multibagger defence stock Bharat Electronics share price gains 3% on ₹500 cr order wins; Should you buy, sell or hold?

  • Stock Market Today: Multibagger defence stock Bharat Electronics' share price gained 3% today on 500 crore order inflows. Analysts remain optimistic about the stock amid a strong order pipeline, improving margins and diversification into non-defense verticals.

Ujjval Jauhari
Published8 Oct 2024, 12:15 PM IST
Stock Market Today: Defence stock Bharat Electronics share price gains on order book expansion
Stock Market Today: Defence stock Bharat Electronics share price gains on order book expansion(Photo: ANI)

Stock Market Today: Defence stock Bharat Electronics share price rose 3% in the morning trade on Tuesday, October 8, after the company announced order wins worth 500 crore.

 

Bharat Electronics share price opened at 266.90 on the BSE on Tuesday, slightly higher than the previous close of 267.35. The stock extended gains to 277.80, marking a rise of more than 3%.

 

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Multibagger returns

Bharat Electronics share price, which had corrected 7% in the last five trading sessions, rebounded on Tuesday amid improved sentiments in the broader market and order wins. While Bharat Electronics share price is down 19% from highs seen in July, it has still given multibagger returns to investors. The stock is up 103% in the last one year.

 

Also Read | Small-cap stock Servotech Power jumps 9% from intraday low. Buy or sell?

Healthy order book

The Navratna defence public sector company, Bharat Electronics, in a release on Monday post market hours, said that it secured additional orders of more than 500 crore since its last disclosure on September 11, 2024.

EMI shelters, AMC for integrated air command and control system nodes, upgrades and spares for gun systems, radar spares, communication system spares, etc. are among the key orders received by Bharat Electronics. With these, Bharat Electronics has already amassed orders amounting to 7,689 crore for the current fiscal year.

 

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Analysts are positive about the company's prospects, as the strong order book improves outlook.

 

Strong earnings prospects 

Analysts at Prabhudas Lilladher Institutional Equities believe that Bharat Electronics' long-term prospects will continue to remain strong driven by robust order backlog and pipeline, aided by the government’s push on defence indigenization, its diversification into non-defense verticals and improving margin profile. They expect the company to report revenue and adjusted net profit CAGR (compound annual growth rate) of 17.6% and 17.3%, respectively over FY24-26. 

The brokerage has an 'Accumulate' rating on the company with a target price of 341.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

 

 

 

 

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First Published:8 Oct 2024, 12:15 PM IST
Business NewsMarketsStock MarketsMultibagger defence stock Bharat Electronics share price gains 3% on ₹500 cr order wins; Should you buy, sell or hold?

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