Bharat Electronics hits new high on stock split, good Q3 results

The stock hit a new high of Rs 1,624, up 5.5% on the BSE in intra-day trade

Bharat Electronics hit a new high of Rs 1,624, up 5.5% on the BSE in intra-day trade after the company reported 33% year on year (YoY) jump in its net profit at Rs 373 crore for the quarter ended December 2016 (Q3FY17), on back of strong operational income.

The state-owned company posted 37% growth in total income from operations at Rs 2,191 crore on YoY basis.

Meanwhile, the board approved the sub-division of face value of equity shares from Rs 10 to Re 1. It also declared interim dividend of Rs 3 per equity share for the financial year 2016-17.

“The board of directors of the company has approved the sub division of existing one equity share of Rs 10 each face value fully paid-up into 10 number of equity shares of Re 1 each face value, subject to approval of the shareholders and w.e.f a record date fixed by the board/committee in this regard,” Bharat Electronics said in a statement.

In past three months, the stock has outperformed the market by gaining 25% as compared to a 0.19% decline in the S&P BSE Sensex.

At 12:09 pm; the stock was up 3% at Rs 1,585 on the BSE. The trading volumes on the counter more than doubled with a combined 1.62 million shares changed hands on the counter on the NSE and BSE.