BEL hits new 52-week high after an outstanding Q3 result

On choppy Monday, when market is trading flat to negative, Bharat Electronics soars to make a new 52-week high of Rs 1,625 per share, after the company published 37 per cent growth in its operating income, YoY and approving dividend of Rs 3 per share along with a stock split of 1:10.

The state-owned company reported 33 per cent growth in its net profit YoY at Rs 373 crore for Q3FY17 on the back of strong operating income growth of 37 per cent YoY.

The company has issued interim dividend of Rs 3 per share and approved sub-division of existing one share of FV 10 each into ten shares of FV 1 subjected to the approval of shareholders.

The stock is trading above its 50 and 200 DMA of 1,432.30 and 1,280.82 respectively, with a surge in its volume on NSE to 16 lakhs till 2:11 pm, in comparison with its 2 weeks average volume of 3.7 lakhs.

The stock has already given a return of more than 25 per cent in last 3 months. It would be interesting to watch whether the share is able to keep this momentum, following a stellar performance in its last quarterly result.