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Buy Bharat Electronics, target price Rs 180: ICICI Direct

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Promoters held 51.1 per cent stake in the company as of Dec 30, 2020, while FIIs held 10.3 per cent, DIIs 31.3 per cent and public and other 7.3 per cent.
ICICI Direct has buy call on with a target price of Rs 180. The current market price of Bharat Electronics Ltd. is Rs 157.55.

Bharat Electronics Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 38181.41 Crore) operating in Defence sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 2343.90 Crore, down -27.27 % from last quarter Total Income of Rs 3222.70 Crore and up 1.40 % from last year same quarter Total Income of Rs 2311.47 Crore. Company reported net profit after tax of Rs 270.12 Crore in latest quarter.


Investment Rationale
In January 2020, the stock had broken out from its broader trading range of Rs 75-125 levels. Currently, the stock has witnessed the significant delivery volume activity around Rs 140-145 levels. These levels seem very crucial. In such a scenario, the positive bias may continue in the stock till these levels are held

Promoter/FII Holdings
Promoters held 51.1 per cent stake in the company as of Dec 30, 2020, while FIIs held 10.3 per cent, DIIs 31.3 per cent and public and other 7.3 per cent.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)

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Source: Buy Bharat Electronics, target price Rs 180: ICICI Direct

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