Bharat Electronics Shares In Focus On Bagging Orders Worth Rs 700 Crore

Bharat Electronics Ltd. has received fresh orders worth Rs 712 crore so far in September, according to an exchange filing on Tuesday.

The company had made its last disclosure on its order on Sept. 1. These orders seem to be mostly geared towards information technology and cryptocurrency, in contrast to the previous disclosure, which was oriented towards defence technology.

Notable contracts it bagged include IT infrastructure and cyber security solutions, electronic support measures systems, block-chain solution platform, communication equipment, spares, and services.

In its previous disclosure for orders bagged since July 30, worth Rs 644 crore, the firm catered to the needs of the defence segment. It bagged orders such as data centres, ship fire control system, tank navigation system, communication equipment, seekers, jammers, simulators, electronic voting machines, upgrades, and spares.

This was also reflected in the disclosure prior to one aforementioned for orders in July worth Rs 563 crore, which also included orders issued by customers in the defence sector. Which were for systems for National Maritime Domain Awareness, Inertial Navigation Systems for artillery, communication equipment, active antenna array units, Satcom interception systems, seekers, target acquisition systems, jammers, and various spares and support services.

Shares of Bharat Electronics closed 1.13% higher at Rs 402.90 apiece on the National Stock Exchange before the announcement, compared to a 0.68% rise in the benchmark Nifty. The share price had risen 38.74% in the last 12 months and 37.44% on a year-to-date basis.

Out of the 29 analysts tracking the company, 24 have a 'buy' rating on the stock, two recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 7%.