Bharat Electronics jumped over 3 percent on Wednesday, October 19 after the company signed an MOU with US-based Triton Electric Vehicle for manufacturing Hydrogen fuel cells.
During Wednesday’s trade, the stock opened at a price of Rs. 106.65 per share against the previous close of Rs. 105.95 and rallied further to touch an intraday high of Rs. 109.20. However, the stock failed to hold on to this rally and was trading at Rs. 106.35 at 11:30 am. on the NSE.
The stock touched a 52-week-high of Rs. 114.65 on September 15, 2022 and a 52-week-low of Rs. 61.15 on October 29, 2021, indicating that at the current level, the stock is trading at 74.4 percent above its 52-week low and just 7 percent below its 52 week high.
In the past six months, the stock has given a positive return of almost 28 percent whereas it has shown a growth of nearly 52 percent this year till date. In the last five years, the stock has returned over 85 percent to its shareholders.
On October 19, navratna defence PSU Bharat Electronics Ltd has signed an MoU with US-based Triton Electric Vehicle (TEV) for manufacturing Hydrogen fuel cells with technology transfer from the latter to meet the requirements of the Indian market and mutually agreed export markets, reported PTI.
The Memorandum of Understanding (MOU) aims at tapping the demand for clean energy solutions for various applications, including e- mobility, by leveraging central government’s thrust for adoption of clean energy fuels for applications in transport and energy storage, the Bengaluru-headquartered, stated the official filing.
TEV has set up its R&D centre and manufacturing facility in India. It has recently forayed into Hydrogen-run vehicles and started the journey of manufacturing Hydrogen-run two-wheelers, three-wheelers and buses, the company said in a statement.
HDFC Securities included Bharat Electronics Ltd in its top picks this diwali with a target price of Rs. 123. According to the brokerage, BEL’s financial profile remains strong on the back of healthy profitability and return indicators, zero net debt, superior liquidity and robust debt coverage metrics, reported mint.
For the quarter that ended on June 30, 2022, the firm reported a consolidated total income of ₹3,222.82 Crore, up 90.25 percent from the same quarter last year and down almost 50 percent from the previous quarter's total income of ₹6,403.75 Crore.
Bharat Electronics Ltd., established in 1954, is a large cap company with a market capitalization of ₹77,447.11 million that operates in the defence sector. It is an India-based company, which manufactures and supplies electronic equipment and systems to the defense sector as well as for non-defense markets. It manufactures electronic products and systems for the army, navy and the air force.
According to a MintGenie poll, an average of 23 analysts have a ‘ strong buy’ call on the stock.
