Bharat Electronics slips ex-dividend

Bharat Electronics fell 2% to Rs 2,075 at 10:05 IST on BSE on turning ex-dividend today, 12 September 2014, for final dividend of Rs 17.30 per share for the year ended 31 March 2014.

Meanwhile, the BSE Sensex was up 16.59 points, or 0.06%, to 27,012.46.

On BSE, so far 4,000 shares were traded in the counter, compared with an average volume of 26,474 shares in the past one quarter.

The stock hit a high of Rs 2,120 and a low of Rs 2,074 so far during the day. The stock hit a record high of Rs 2,320 on 7 July 2014. The stock hit a 52-week low of Rs 895 on 4 February 2014.

The stock had outperformed the market over the past one month till 11 September 2014, rising 17.48% compared with 5.79% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.73% as against Sensex's 5.97% rise.

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

Before turning ex-dividend, the stock offered a dividend yield of 0.82% based on the closing price of Rs 2,117.25 on Thursday, 11 September 2014.

Bharat Electronics rose 3.41% to Rs 2,117.25 on Thursday, 11 September 2014, after a domestic brokerage firm initiated 'buy' rating on the stock. The brokerage said Bharat Electronics will be 'key beneficiary' of rising defence spending in India.

Indian Air Force is finalising acquisitions worth $20-22 billion. Air Force acquisitions will benefit Bharat Electronics, the brokerage added.

The government on 26 August 2014, notified increase in foreign direct investment (FDI) limit to 49% through approval route in the defence sector.

Net profit of Bharat Electronics rose 48.98% to Rs 25.61 crore on 12.67% rise in net sales to Rs 996.71 crore in Q1 June 2014 over Q1 June 2013.

Bharat Electronics meets the specialised electronic needs of the Indian defence services. BEL is among an elite group of public sector undertakings which have been conferred the Navratna status by the Government of India.

Powered by Capital Market - Live News