Rs 2/Share Dividend, 3 Bonuses: Multibagger Defence PSU To Consider Dividend On May 20, Buy; TP Rs 280

Large cap aerospace & defence sector company, Bharat Electronics Ltd (BEL) informed today about its upcoming meeting of Board of Directors scheduled to be held on May 20, 2024 to consider financial results and recommend final dividend for the financial year 2023-24. Current market price of BEL share on BSE is Rs 235.10 per share with intraday gain of 0.60%. Bharat Electronics Ltd share offered return of 74% in last 6-months and 126% in last 1-year only. The company has a market capitalisation of Rs 1,71,852.90 crore. Number of FII/FPI investors increased from 1183 to 1261 in March 2024 quarter. FIIs have 17.6% stake and DII stake in BEL stood at 22.6%. More details below:

Bharat Electronics To Consider Financial Results, Final Dividend: As per the exchange filing of BEL dated May 2, "We wish to inform that a meeting of the Board of Directors of the Company is scheduled to be held on Monday, the 20*h May, 2024 to consider and approve, inter alia, Audited Standalone & Consolidated Financial Results for the quarter and year ended 31S1 March, 2024 and also to consider recommendation of final Dividend for the financial year 2023-24, if any."

BEL Share Performance & Return Over Years: The 52-week high price of Navratna PSU Bharat Electronics share on BSE is Rs 241.50 per share (as on 26/04/2024) and 52-week low price is Rs 103.50 per share (as on 02/05/2023), respectively. Bharat Electronics shares rallied 27% year-to-date (YTD), soared 196% in last 2-years, and offered return of 435% in last 3-years. In last 5-years, BEL shares gained massively by 701%.

Should You Buy BEL Shares? Leading brokerage firm Prabhudas Lilladher is bullish on BEL and suggested buy call with target price in the range of Rs 260-Rs 280 per share. Meanwhile, global brokerage firm Macquarie also initiated coverage on BEL with an outperform call. It has recommended investors to buy BEL shares with target price of Rs 280.

BEL Technical Outlook: Score is 65.5 indicating that the stock is technically moderately strong. Stocks with score above 70 are considered as technically Strong. RSI is 65.0, RSI above 70 is considered overbought. It implies that stock may show pullback. MFI is 66.6, MFI above 70 is considered overbought. This implies that stock may show pullback. Number of FII/FPI investors increased from 1183 to 1261 in March 2024 quarter. Kotak Flexicap Fund has stake of 3.27% in BEL with 239,087,048 shares and Hdfc Pension Management Company Ltd has 1.31% stake in the PSU, according to Trendlyne.

BEL Bonus History: The PSU's last bonus issue was declared in 2022 in the proportion of 2:1. BEL share went ex-bonus on September 15, 2022. Before that BEL declared bonus shares in 2017 in the ratio of 1:10 and in 2015 in 2:1 ratio.

BEL Dividend History: Bharat Electronics announced 50 dividends since August 27, 2001. In last 12 months, BEL declared an equity dividend amounting to Rs 2.00 per share. At the current share price of Rs 235.10 per share, BEL share offers dividend yield of 0.85%.

Bharat Electronics Achieved Record Turnover: As per the exchange filing of BEL issued on April 1, "Navratna Defence PSU Bharat Electronics Limited (BEL) has achieved a turnover of around Rs. 19700 Cr (Provisional & Unaudited), during the Financial Year 2023-24, against the previous year's turnover of Rs. 17,333 Cr registering a growth of 13.65%."

In the fiscal year 2023-24, BEL successfully secured orders worth around Rs. 35000 Cr. With this, the total order book of BEL as on April 1st, 2024, stands at around Rs. 76000 Cr, added the press release.

Bharat Electronics Financials: BEL announced its net profit for the quarter ended December 31, 2023 at Rs 859.6 crore, up 40% as against Rs 613 crore announced in the similar quarter of last year. BEL's revenue remained nearly flat at Rs 4162.2 crore as against Rs 4153 crore in the corresponding quarter of last year. EBITDA of BEL announced at Rs 1072.6 crore, up 24% as against Rs 863.4 crore in the same quarter of preceding fiscal. Meanwhile, margin arrived at 26%.

Bharat Electronics About: Established in 1954, BEL engages in manufacturing of specialised electronic equipment requirements of the Indian Defence Services. BEL produces a wide range of equipment for areas such as defence communication, radars, naval systems, c4i systems, weapon systems, homeland security, telecom & broadcast systems, electronic warfare, tank electronics, electro-optics, professional electronic components and solar photovoltaic systems, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Prabhudas Lilladher and Anand Rathi. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.