Bharat Electronics Shares Hit Life High After Akashteer Air Defence System Showcase

Shares of defence major Bharat Electronics Ltd. rose as high as 3% on Wednesday to hit an all-time high at Rs 346 apiece. This development follows a particularly interesting post by the firm on social media platform X.

In its post, BEL showcased its in-house designed and manufactured air defence system, Akashteer, saying it "has proved its mettle in the war-field".

Akashteer ensures a seamless and unified air situation picture, accessible to the lowest operational units of army AD, and enhancing situational awareness across the force, it said in the post.

"...Ground-based defence systems integrated with Akashteer made it hell for Pakistan's air adventures," BEL said.

BEL has been among the top gaining defence stocks since Operation Sindoor, and has posted returns of 13.55% since the onset of India-Pakistan tensions. The company has also added Rs 23,683.68 crore in market capitalisation since tensions began, making it the highest gainer in market cap among defence stocks in the Nifty Defence index.

The scrip rose as much as 3.05% to Rs 346 apiece, hitting an all-time high. It pared gains to trade 2.22% higher at Rs 343.20 apiece, as of 2:52 p.m. This compares to a 0.22% advance in the NSE Nifty 50.

It has risen 17.09% on a year-to-date basis, and 48.63% in the last 12 months. The relative strength index was at 71.12.

Out of 28 analysts tracking the company, 24 maintain a 'buy' rating, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 0.1%.