Bharat Electronics Ltd (BEL) gained over 6 percent to hit a lifetime high of Rs 260.75 on Monday, as the Street sentiment remained positive on the firm’s better-than-expected April-June results. The public sector undertaking scrip has risen more than 12 percent in the last four sessions.

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BEL's Q1 profit soared to Rs 366 crore, clocking a 1,401 percent year-on-year growth, on strong operating income albeit on a low base of Rs 24.4 crore in the corresponding period last year.

Bharat Electronics' consolidated revenue doubled to Rs 3,140.6 crore, jumping over 90 percent on YoY basis. BEL's operating margin surged sharply to 16.6 percent in the first quarter of the current fiscal from 3.8 percent in the year-ago period.

The icing on the cake is BEL winning orders worth Rs 900 crore during the April-June quarter along with an order book value of Rs 55,300 crore.

ICICI Securities has retained its 'buy' rating on the defence sector PSU stock.

At 2.59 pm, BEL stock price was quoting at Rs 255.35, trading 4 percent higher on BSE.

First Published:Jul 18, 2022 3:08 PM IST