Bharat Electronics gains after strong Q2 results

Bharat Electronics rose 3.49% to Rs 1,302.70 at 14:10 IST on BSE after net profit rose 68.21% to Rs 346.25 crore on 15.14% rise in net sales to Rs 1755.89 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 27 October 2016.

Meanwhile, the BSE Sensex was up 10.26 points, or 0.04%, to 27,926.16.

On BSE, so far 77,000 shares were traded in the counter, compared with average daily volume of 29,457 shares in the past one quarter. The stock hit a high of Rs 1,325.45 and a low of Rs 1,283.50 so far during the day. The stock hit a record high of Rs 1,416.70 on 4 January 2016. The stock hit a 52-week low of Rs 1,009 on 1 March 2016. The stock had underperformed the market over the past 30 days till 27 October 2016, falling 1.71% compared with 1.33% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 1.84% as against Sensex's 0.48% decline.

The large-cap company has equity capital of Rs 240 crore. Face value per share is Rs 10.

Bharat Electronics said its order book stood at Rs 34675 crore as on 1 October 2016. The company said it received orders worth Rs 4127 crore in Q2 September 2016. Export order book stood at $102 million as on 1 October 2016.

Meanwhile, Bharat Electronics announced during trading hours today, 28 October 2016, that its board appointed Koshy Alexander, currently holding the position of general manager (finance) at corporate office, as chief financial officer (key managerial persennel) of the company.

Bharat Electronics was established at Bangalore, India, by the Government of India 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.

The Government of India currently holds 75.02% stake in Bharat Electronics (as per the shareholding pattern as on 30 September 2016).

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