Bharat Electronics dropped 3.84% to Rs 170.45 at 10:57 IST on BSE after net profit fell 18.93% to Rs 302.84 crore on 12.92% rise in total income to Rs 2562 crore in Q3 December 2017 over Q3 December 2016.
The result was announced after market hours yesterday, 30 January 2018.Meanwhile, the S&P BSE Sensex was down 119.52 points or 0.33% at 35,914.21.
On the BSE, 3 lakh shares were traded on the counter so far as against the average daily volumes of 8.97 lakh shares in the past one quarter. The stock had hit a high of Rs 171.65 and a low of Rs 167.70 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 135.26 on 3 March 2017.
The company declared an interim dividend of Rs 1.60 per equity share for the financial year ending 31 March 2018 (FY 2018).
Separately, the board of directors of the company approved the proposal to buyback of not exceeding 2.03 crore shares of the company representing 0.83% of the total number of equity shares in the paid-up share capital of the company. The buyback will be at a price of Rs 182.50 per equity share payable in cash for an aggregate consideration not exceeding Rs 372.25 crore, representing 5% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the company for the financial year ended 31 March 2017.
The buyback price of Rs 182.50 per share is at a premium of 7.07% over the ruling price of Rs 170.45.
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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