BEL stock price up by more than 6% today

21 May 2024 , 12:21 PM

During the early trading hours of Tuesday, May 21, shares of the defence electronics company, Bharat Electronics Ltd (BEL),  increased by more than 9%. The corporation announced excellent earnings for the quarter that ended in March 2024.

The shares saw a 9.35% peak shortly after the opening bell, reaching a 52-week high of ₹283 per share. By 12:15, the stock had given up some of its gains and was trading at ₹275.60, up 6.49% from the close of the previous day.

The company’s market capitalization has increased to ₹2.02 lakh Crore due to the jump in stock prices.

The results for the fourth quarter of the fiscal year 2023–24 (Q4FY24) were released by Bharat Electronics the day before, when the markets were closed due to Lok Sabha elections in Mumbai. Consolidated net profit for the company increased by 30% year over year to ₹1,797 Crore from ₹1,382 Crore in Q4FY23.

During the reviewed quarter, operating revenue increased to ₹8,564 Crore, up 32.18% from the same period last year.

The net profit for the whole fiscal year that concluded on March 31, 2024, was ₹3,985 Crore, up 33.5% from ₹2,986 Crore in the previous fiscal year. In FY24, operating revenue reached ₹20,268 Crore, up from ₹17,734 Crore in the previous fiscal year, a 14.28% rise.

In addition, BEL announced a ₹0.8 dividend per share for FY24, contingent to permission from the shareholders.

The stock of Navratna Defence PSU has notably increased by 50.2% in 2024 thus far, with a more notable jump of 151.5% in the last year.

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