BEL Hits Record High, Gains 2% on ₹572 Crore Defence Orders and Robust Q4 Performance

Shares of Bharat Electronics Ltd. (BEL) rose to an all-time 52-week high of ₹373.40 on Monday, led by strong quarterly numbers and new defence orders. The rally follows a sustained upsurge in India's defence sector.

Stock Performance Snapshot

BEL stock surged up to 2% intraday, after closing 3.85% higher at ₹363.90 on Friday. The stock has risen 15.2% in the last week, 30.9% in six months, and 40.6% in the last year.

BEL added almost ₹29,970 crore in market capitalisation during this rise. From a technical perspective, the stock is above crucial moving averages, although the 14-day RSI at 80.5 points to overbought conditions.

Q4 FY24 Earnings Surge

Net profit grew 30% YoY to ₹1,797 crore for the March 2024 quarter. Revenue grew 32% to ₹8,564 crore from ₹6,479 crore in the previous-year quarter. The board recommended a final dividend of ₹0.80 per equity share.

New Defence Orders Won

BEL reported additional orders of ₹572 crore since April 7. Major projects are drone detection systems, software-defined radios, and weapon platform communication systems.

Other orders include AI-driven naval solutions, simulators, jammers, and spares. Orders are received against the backdrop of increasing defence spending worldwide because of heightened geopolitical tensions.

Strong Order Book

BEL's order book as of April 1 stood at ₹76,000 crore, a 25.2% rise over the last fiscal year.

Sector-Wide Rally

The Indian defence industry is registering wide gains, with the Nifty India Defence index rising more than 12% in the last three weeks. The industry's overall market capitalisation has increased by more than ₹1.17 lakh crore over the same timeframe.

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