October 8, 2024
New Delhi, India
Bharat Electronics Ltd (BEL) Shares
Shares of Bharat Electronics Ltd (BEL) surged by 3% on October 8, 2024, following the company’s announcement of additional order wins worth ₹500 crore. The stock opened at ₹266.90 on the BSE, higher than the previous close of ₹267.35, and later rose to ₹277.80, marking a more than 3% increase.
Recent Performance and Order Wins
After a 7% correction over the past five trading sessions, BEL’s stock rebounded on Tuesday amid improving market sentiments and the ₹500 crore order inflows. While the stock is down 19% from its July highs, BEL has still delivered multibagger returns, up 103% over the last year.
The recent orders include EMI shelters, AMC for Integrated Air Command and Control system nodes, and spares for radar and communication systems. These orders bring BEL’s total orders for the current fiscal year to ₹7,689 crore.
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Analysts’ Outlook and Market Position
Analysts remain optimistic about Bharat Electronics’ future, citing a strong order pipeline, improving margins, and diversification into non-defense sectors. Despite recent downward pressure, BEL’s stock has delivered multibagger returns of 295% over three years and 151% over two years.
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The stock’s Relative Strength Index (RSI) of 32.5 indicates it is trading in a neutral zone, with shares currently below key moving averages, including the 5-day, 10-day, and 200-day averages.
BEL’s latest jump aligns with the positive momentum in other defense PSUs like Mazagon Dock, Garden Reach Shipbuilders, and HAL.
Bharat Electronics Shares were trading at 277 a piece at 1:30 P.M IST.
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