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  5. Bharat Electronics shares hit 52-week high after strong Q4 results

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Bharat Electronics shares hit 52-week high after strong Q4 results

Upstox
By Upstox News Desk

2 min read | Updated on May 21, 2024, 11:13 IST

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SUMMARY

Shortly after the opening bell, the shares peaked by 9.35% to hit a 52-weeh high of ₹283 apiece. By 11:00, the stock pared some of the gains to trade at ₹277.45, still up 7.21% as against the previous day's close.

Stock list

BEL
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This defence PSU stock has rallied by 50% year-to-date

This defence PSU stock has rallied by 50% year-to-date

Shares of Bharat Electronics Ltd (BEL), a state-run defence electronics company, soared by over 9% during the early trading hours on Tuesday, May 21. The surge in stock comes in the aftermath of strong results posted by the company for the quarter ended March 2024.

Shortly after the opening bell, the shares peaked by 9.35% to hit a 52-weeh high of ₹283 apiece. By 11:00, the stock pared some of the gains to trade at ₹277.45, still up 7.21% as against the previous day's close.

The surge in stock has taken the company's market capitalisation to ₹2.02 lakh crore.

Also Read: BHEL Q4 Results LIVE: Power equipment maker to post earnings today, shares up 3%

BEL at 52-week high: What fuelled the rally?

A day earlier, when the bourses were closed on account of Lok Sabha polls in Mumbai, Bharat Electronics posted the results for the fourth quarter of fiscal year 2023-24 (Q4FY24). The company's consolidated net profit grew 30% year-on-year to ₹1,797 crore, as against ₹1,382 crore in Q4FY23.

The revenue from operations climbed to ₹8,564 crore during the quarter under review, up 32.18% as against the year-ago period.

For the entire fiscal year ended March 31, 2024, the net profit came in at ₹3,985 crore, up 33.5% from ₹2,986 crore in FY23. The revenue from operations in FY24 increased by 14.28% to ₹20,268 crore, from ₹17,734 crore in the preceding fiscal.

BEL also declared a dividend of ₹0.8 per share for FY24, subject to approval from the shareholders.

Notably, the Navratna defence PSU stock has gained by 50.2% in 2024 so far, and the surge has been sharper at 151.5% in the last one year.

Uplearn

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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