BEL Shares Hit Record High On Orders Worth Rs 678 Crore
The company signed a contract worth Rs 445 crore with the Uttar Pradesh government for the next generation of UP Dial 112 project.
Shares of Bharat Electronics Ltd. gained to touch a lifetime high on Tuesday, after it received an order worth Rs 678 crore from multiple clients.
The company has signed a contract worth Rs 445 crore with the Uttar Pradesh government for the next generation of UP Dial 112 project.
It has also received additional orders worth Rs 233 crore for communication display units, thermal cameras and other equipment.
Shares of Bharat Electronics rose as much as 5.55%, the highest since its listing on Feb. 2, 1997, before paring gains to trade 4.46% higher at 2:26 p.m. This compares to a 0.48% advance in the NSE Nifty 50.
The stock has risen 82.73% year-to-date. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 79.58, implying the stock may be overbought.
Of the 29 analysts tracking the company, 23 maintain a 'buy' rating, four recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month average price target consensus implies a downside of 10.41%.
