Bharat Electronics moves up on share buyback plan

Bharat Electronics rose 1.78% to Rs 176.80 at 11:05 IST on BSE after the company said that its board of directors at a meeting scheduled on 30 January 2018 will consider proposal of buyback of shares.

The announcement was made after market hours yesterday, 24 January 2018.

Meanwhile, the S&P BSE Sensex was down 107.47 points or 0.3% at 36,054.17.

Huge volumes were witnessed on the counter. On the BSE, 20.07 lakh shares were traded on the counter so far as against the average daily volumes of 4.2 lakh shares in the past one quarter. The stock had hit a high of Rs 178.40 and a low of Rs 174.55 so far during the day. The stock had hit a record high of Rs 192.95 on 29 November 2017. The stock had hit a 52-week low of Rs 135.27 on 3 March 2017.

The large-cap company has equity capital of Rs 245.70 crore. Face value per share is Re 1.

The company will announce its Q3 results on 30 January 2018. Bharat Electronics' net profit rose 19.1% to Rs 412.39 crore on 46.1% rise in net sales to Rs 2431.73 crore in Q2 September 2017 over Q2 September 2016.

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 held 66.72% stake in Bharat Electronics (as per the shareholding pattern as on 31 December 2017).

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