Bharat Electronics scales record high as board to consider stock-split

Bharat Electronics gained 1.34% to Rs 1,533 at 10:49 IST on BSE after the company scheduled a board meeting on 27 January 2017 to consider stock-split proposal.

Meanwhile, the S&P BSE Sensex was up 127.52 points or 0.47% at 27,027.08

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 35,718 shares in the past one quarter. The stock hit a high of Rs 1,549.50 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 1,528.60 so far during the day. The stock had hit a 52-week low of Rs 1,009 on 1 March 2016.

The stock had underperformed the market over the past one month till 10 January 2017, rising 0.45% compared with the Sensex's 1.45% gains. The scrip, however, outperformed the market in past one quarter, gaining 20.61% as against the Sensex's 4.21% fall.

The large-cap company has equity capital of Rs 223.36 crore. Face value per share is Rs 10.

Shares of Bharat Electronics had gained 4.02% to settle at Rs 1,512.70 yesterday, 10 January 2017 on reports that a foreign brokerage firm has assigned outperformer rating on the stock with target price at Rs 1,800 per share.

Bharat Electronics will declare its Q3 December 2016 results on 27 January 2017. The company's net profit rose 68.2% to Rs 346.25 crore on 15.1% growth in net sales to Rs 1755.89 crore in Q2 September 2016 over Q2 September 2015.

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 74.41% stake in Bharat Electronics (as per the shareholding pattern as on 31 December 2016).

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