BEL Share Price Target 2024: Brokerage firm Nirmal Bang remains bullish on the Navratna aerospace and defense electronics company, Bharat Electronics (BEL) stocks. At the current market price (CMP) of Rs 284, the brokerage sees as much as 16 per cent upside potential on the PSU stock.
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Bharat Electronics is one of sixteen PSUs under the Ministry of Defence of India. BEL primarily manufactures advanced electronic products for ground and aerospace applications.
BEL’s stock started today’s session with gains at Rs 286.80 and marched northward to hit a 52-week high of Rs 293.35 on the BSE. At around 2 PM on Thursday, the stock was quoted trading at Rs 287.65, up 1.41 per cent from its previous close of Rs 283.65 on the BSE.
BEL Q4 2024 Results
Bharat Electronics’ profit after tax (PAT) climbed 30.6 per cent year-on-year to Rs 1,783 crore in the quarter under review, compared to Rs 1,365 crore reported in the corresponding quarter of FY23.
The Navratna company’s revenue from operations jumped 32.1 per cent year-on-year to Rs 8,528 crore in the quarter under review, compared to Rs 6,456 crore reported in the corresponding quarter of FY23.
BEL’s EBITDA witnessed a surge of 25 per cent year-on-year to Rs 2,280 crore in the quarter under review, compared to Rs 1,824 crore reported in the corresponding quarter of FY23.
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BEL Share Price Target 2024
Nirmal Bang expects that the execution will pick up pace with a swelling order book. “The stock has seen a sharp run-up in the previous two quarters,” said the brokerage.
According to Nirmal Bang, BEL is focused on sustainable growth plans and has taken steps to improve its R&D, manufacturing, and JVs in existing and emerging businesses to increase growth visibility.
“We upgrade to ‘BUY’ and enhance the multiple from 31 to 46x FY26E EPS with a TP of Rs 328,” said the brokerage.
BEL Dividend Announcement 2024
According to exchange data, BEL’s board has recommended paying a dividend of Rs 0.80 on each stock having a face value of Rs 1 to its shareholders. The said dividend, however, remains subject to approval by the shareholders in the next Annual General Meeting of the Company.
“we wish to inform you that the Board of Directors of the Company at their meeting held on 201h May, 2024, inter alia, has recommended a final dividend of Rs 0.80 /- per equity share (80%) of Rs 1/- each fully paid-up for the financial year 2023-24,” said BEL in an exchange filing on the BSE.
BEL Share Price History
BEL is a constituent of the S&P BSE 100 index. According to BSE analytics, the company’s stock has advanced 23.01 per cent in the last one month and 40.19 per cent in the last three months.
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Shares of the defence company have emerged as a multibagger in the last six months with a surge of 106.60 per cent during the said period.
BEL’s shares have a 52-week range of Rs 293.35 – 107.30 on the BSE.
