ICICI Direct has given Buy recommendation for Bharat Electronics with a target price of Rs. 135 in its research report issued on Sep 15, 2022
ICICI Direct’s research report on Bharat Electronics
Bharat Electronics (BEL) is a leading aerospace and defence electronics company. It primarily manufactures advanced electronics products. Multi-product, multi-technology- diverse product range including radar, missile systems, electronic warfare & avionics, anti-submarine warfare, electro-optics, homeland security, civilian products, etc • Focus to increase the non-defence share to ~20% over two to three years.
Hence, we revise our target price to Rs 135/share post this corporate action. We maintain our BUY rating on the stock and value Bharat Electronics based on 30x P/E on FY24 EPS.
At 15:50 hrs Bharat Electronics was quoting at Rs 111.20, up Rs 0.15, or 0.14 percent.
It has touched an intraday high of Rs 113.60 and an intraday low of Rs 109.50.
It was trading with volumes of 567,428 shares, compared to its thirty day average of 1,092,679 shares, a decrease of -48.07 percent.
In the previous trading session, the share closed down 0.82 percent or Rs 0.92 at Rs 111.05.
The share touched its 52-week high Rs 115.00 and 52-week low Rs 61.15 on 15 September, 2022 and 29 October, 2021, respectively.
Currently, it is trading 3.3 percent below its 52-week high and 81.85 percent above its 52-week low.
Market capitalisation stands at Rs 81,284.74 crore.