BEL Announces Interim Dividend Of Rs 1.5; Shares Rise Nearly 3%

Shares of the state-owned Bharat Electronics Ltd. rose nearly 3% on Wednesday after it announced a dividend of Rs 1.5 per share for the financial year 2024-25.

The interim dividend was declared after the aerospace and defence company's board in its meeting held on Wednesday, according to an exchange filing. The amount is to be paid within 30 days from the date of declaration.

BEL's board has also set March 11 as the record date for payment of interim dividend, a separate filing by the firm said.

The 'Navratna' PSU reported a 53% increase in its net profit to Rs 1,311 crore for the quarter that ended in December. During the same period, it posted a 38.7% year-on-year jump in revenue to Rs 5,771 crore.

The company's operating profit was up 55.7% at Rs 1,670 crore in the third quarter, compared to Rs 1,073 crore in the same period last year. The margin stood at 28.9%, up from 25.8%.

BEL shares rose as much as 2.83% to Rs 272.2 apiece on the NSE during the session. It pared the gains to trade 2.55% higher at Rs 271.4 apiece, as of 12:24 p.m. This compares to a 1.22% advance in the benchmark Nifty 50.

The stock has risen 28.87% in the last 12 months. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 49.

Out of 26 analysts tracking the company, 23 maintain a 'buy' rating, one recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 25%.