Bharat Electronics drops after two block deals

Bharat Electronics lost 4.39% to Rs 1,100 at 14:15 IST on BSE after two block deals aggregating 99,990 shares were executed on BSE at Rs 1,100 per share at 12:18 IST.

One block deal was of 50,000 shares while the other deal was of 49,990 shares. The two block deals constitute 0.12% of Bharat Electronics' (BEL) equity.

Meanwhile, the S&P BSE Sensex was down 527.79 points or 2.56% at 20,118.85.

On BSE, 1.01 lakh shares were traded in the counter as against average daily volume of 1,346 shares in the past one quarter.

The stock hit a high of Rs 1,144.80 and a low of Rs 1,095 so far during the day. The stock had hit a 52-week high of Rs 1,375 on 10 June 2013. The stock had hit a 52-week low of Rs 1,073.05 on 31 July 2013.

The stock had underperformed the market over the past one month till 19 September 2013, sliding 2.92% compared with the Sensex's 12.78% rise. The scrip had also underperformed the market in past one quarter, declining 13% as against Sensex's 7.28% rise.

The mid-cap company has equity capital of Rs 80 crore. Face value per share is Rs 10.

BEL's net profit declined 11.1% to Rs 17.19 crore on 13.5% growth in net sales to Rs 884.59 crore in Q1 June 2013 over Q1 June 2012.

Bharat Electronics (BEL) was established at Bangalore, India, by the Government of India (GoI) 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. BEL is among an elite group of public sector undertakings which have been conferred the Navratna status by the GoI.

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