Bharat Electronics Share Price Snaps Three-Day Declining Streak After Receiving Rs 6,650-Crore Order

Bharat Electronics Ltd. share price erased losses from opening trade session as the company received orders worth Rs 6,650 crore from NTPC Ltd. The order is engineering, procurement, and construction work in Odisha.

The defence manufacturing company had reported a nearly 26% advance in net profit to Rs 1,287.77 crore in the July-September quarter, compared to Rs 1,092.45 crore in the corresponding period last year.

The bottom line was the Bloomberg analysts' consensus estimate of Rs 1,085 crore.

• Revenue up 25.78% at Rs 5,792.09 crore versus Rs 4,604.9 crore crore (Estimate: Rs 5,439 crore).

• Ebitda up 21.58% to Rs 1,702.17 crore versus Rs 1,399.95 crore (Estimate: Rs 1,425 crore).

• Margin at 29.38% versus 30.4% (Estimate: 26.2%).

• Net profit up 17.87% to Rs 1,287.77 crore versus Rs 1,092.45 crore (Estimate: Rs 1,085 crore).

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Bharat Electronics share price fell as much as 0.86% to Rs 405.30 apiece shortly after opening. However, after the news of orders from NTPC Ltd. it recovered from the day's low. The stock was trading 0.35% higher at Rs 410.30 apiece as of 10:51 a.m., as compared to 0.52% decline in the NSE Nifty 50 index.

Bharat Electronics share price has snapped a three-day declining streak in Friday's session. It has risen 36.61% in 12 months, and 39.91% on year-to-date basis. Total traded volume on National Stock Exchange so far in the day stood at 3.69 times its 30-day average. The relative strength index was at 49.43.

Out of 32 analysts tracking the company, 26 maintain a 'buy' rating, three recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.9%.