Bharat Electronics gains on bargain hunting

Bharat Electronics rose 1.04% to Rs 3,350.20 at 12:43 IST on BSE, with the stock gaining on bargain hunting after recent decline.

Meanwhile, the S&P BSE Sensex was down 6.57 points or 0.02% at 28,703.30

On BSE, so far 45,566 shares were traded in the counter as against average daily volume of 47,426 shares in the past one quarter.

The stock hit a high of Rs 3,454 and a low of Rs 3,296.55 so far during the day. The stock had hit record high of Rs 4,140 on 18 February 2015. The stock had hit a 52-week low of Rs 970 on 11 March 2014.

The stock had underperformed the market over the past one month till 10 March 2015, falling 0.99% compared with 1.25% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 18.02% as against Sensex's 3.16% rise.

The large-cap PSU firm has equity capital of Rs 80 crore. Face value per share is Rs 10.

Shares of Bharat Electronics had declined 9.22% in three trading days to settle at Rs 3,315.80 on 10 March 2015 from a recent high of Rs 3,652.90 on 4 March 2015.

Bharat Electronics' net profit rose 41.8% to Rs 271.81 crore on 34.9% growth in net sales to Rs 1581.66 crore in Q3 December 2014 over Q3 December 2013.

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 holds 75.02% stake in the firm as at 31 December 2014.

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