Shares of Bharat Electronics Ltd. hit a lifetime high on Thursday after it received orders worth Rs 3,915 crore.
The company received an order of Rs 580 crore from the Indian Army for artificial magnetic conductors of radars, according to an exchange filing on Wednesday.
Since Sept. 15, it has received additional orders worth Rs 3,335 crore for AMC for airborne early warning and control system, uncooled thermal-imaging sights, passive night-vision binoculars and others.
BEL has received orders worth Rs 18,298 crore so far in the current financial year.
BEL's stock rose as much as 3.62% during the day to Rs 161.80 apiece on the NSE. It was trading 1.92% higher at Rs 159.15 apiece compared to a 0.08% advance in the benchmark Nifty 50 at 1.31 p.m.
The shares have risen 59.31% on a year-to-date basis. The total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 76, indicating that the stock may be overbought.
Twenty-three out of 29 analysts tracking BEL have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 53.2%.
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