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ICICI Securities maintains positive stance on defence stocks, Bharat Electronics tops the list

Bharat Electronics might benefit the most from the recent orders of the Ministry of Defence, followed by Bharat Dynamics, believes brokerage house ICICI Securities.

The Ministry of Defence approved a number of orders during the final week of FY23, which benefit public service undertakings (PSUs) companies.

According to the brokerage, Bharat Electronics stands additional chances to receive orders from Akash Weapon System (AWS), NGOPV, and NGMV.

On the back of this, the brokerage has Bharat Electronics Ltd as its top pick in the defence sector, with a 'buy' rating and an unchanged target price of 125 rupees.

Given the better earnings outlook, the brokerage increased the target price for Bharat Dynamics by 23% from its previous level of 955 rupees to 1,175 rupees.

Additionally, the stock's recommendation was raised from 'Add' to 'Buy'.

Bharat Dynamics shares gained by almost 10% in a week, while Bharat Electronics shares increased by 5.6%.

Cochin Shipyard, Goa Shipyard and Data Patterns are not rated by the brokerage.

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ICICI Securities maintains positive stance on defence stocks following order wins, Bharat Electronics tops the list

Given the better earnings outlook, the brokerage increased the target price for Bharat Dynamics by 23% from its previous level of ₹955 to ₹1,175. Additionally, the stock's recommendation was raised from 'Add' to 'Buy'.

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ICICI Securities maintains positive stance on defence stocks following order wins, Bharat Electronics tops the list

Given the better earnings outlook, the brokerage increased the target price for Bharat Dynamics by 23% from its previous level of ₹955 to ₹1,175. Additionally, the stock's recommendation was raised from 'Add' to 'Buy'.

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