Bharat Electronics Ltd Share Price – NSE  /  BSE

Aerospace & Defence, Mid Cap

The key benchmark indices traded with minor gains in early trade. The Nifty traded near the 24,050 mark. Media, consumer durables and IT shares advanced while realty, PSU bank and healthcare shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 42.13 points or 0.04% to 79,074.86. The Nifty 50 index added 34.75 points or 0.14% to 23,045.35.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.20% and the S&P BSE Small-Cap index rose 0.72%.

The market breadth was strong. On the BSE, 2,155 shares rose and 977 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 23.09 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,658.31 crore in the Indian equity market on 28 June 2024, provisional data showed.

Economy:

India’s foreign exchange reserves (forex reserves) increased by $816 million to $653.711 billion during the week ended June 21, according to the latest RBI data. In the preceding week, the overall reserves had dropped by $2.922 billion to $652.895 billion.

For the week ended June 21, foreign currency assets, a major component of the reserves, decreased by $106 million to $574.134 billion.

According to the latest RBI data released on June 28, India’s gold reserves rose $988 million to $56.956 billion during the week ended June 21, while the special drawing rights (SDRs) fell $57 million to $18.049 billion.

India’s reserve position with the IMF was down by $9 million to $4.572 billion in the reporting week, according to the RBI data.

Stocks in Spotlight:

Bharat Electronics (BEL) rose 0.67%. The compnay has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on 28 June 2024 at AVNL Headquarters in Chennai.

Bank of Baroda shed 0.25%. The company announced that a meeting of its board of directors is scheduled to be held on 5 July 2024 to consider & approve the capital plan for FY 2024-25 of raising funds.

Bajaj Auto added 1.24% after the company’s total sales in the month of June 2024 added up to 3,58,477 units, higher by 5% as compared with the sales figure of 3,40,981 units recorded in June 2023

Numbers to Track:

The yield on India's 10-year benchmark federal rose 0.16% to 7.019 as compared with previous close 7.008.

MCX Gold futures for 5 August 2024 settlement shed 0.08% to Rs 71,525.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.24% to 105.61.

The United States 10-year bond yield grew 1.16% to 4.393.

In the commodities market, Brent crude for September 2024 settlement gained 05 cents or 0.06% to $ 85.05 a barrel.

Global Markets:

Asian stocks traded higher on Monday as traders pondered the US rates outlook.

Japan's economy contracted more than expected in the first quarter of 2024, shrinking 2.9% year-on-year. This decline was primarily driven by a decrease in consumer spending amid stagnant wages and persistent inflation.

Meanwhile, China presented a mixed picture. According to a private survey (Caixin PMI), China's manufacturing activity in June grew more than anticipated, reaching 51.8, compared to the prior month’s reading of 51.7. This is in contrast to an official government PMI survey released on Sunday, which indicated a contraction in the manufacturing sector for the second consecutive month in June. China's manufacturing PMI came in at 49.5 in June 2024, unchanged from May.

It's important to note that these surveys cover different segments of the Chinese economy. The Caixin survey focuses on smaller, private businesses in southern China, while the official survey leans towards larger, state-run businesses in the north. This difference in focus may contribute to the contrasting results.

In the Europe, the far-right secured a slightly smaller portion of the vote during the initial phase of France's unexpected snap election than anticipated by certain polls. According to exit polls, Marine Le Pen's eurosceptic National Rally was the leading party in the first round of the French election but received a lesser number of votes than predicted by several analysts. This surprising electoral outcome has caused disruptions in the markets, especially as both the far-right and the second-place left-wing coalition have promised significant increases in spending. This occurs amidst France facing a high budget deficit, leading the EU to suggest disciplinary actions.

US stocks closed slightly lower on Friday after initial gains, as investors weighed mixed economic signals. The S&P 500 dipped 0.41%, and the Nasdaq Composite fell 0.71%. Both indexes reached new intraday highs earlier but retreated later. The Dow Jones Industrial Average shed a modest 0.12%.

Positive economic data painted a conflicting picture. The Commerce Department reported that US inflation in May slowed to its lowest annual rate in over three years. The core personal consumption expenditures price index, excluding volatile food and energy prices, rose just 0.1% in June and 2.6% year-over-year. However, consumer sentiment remained strong. The University of Michigan consumer sentiment index for June exceeded expectations, rising to 68.2 from a preliminary reading of 65.6. Additionally, the one-year inflation outlook dropped to 3% from 3.3% expected in May.

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Securities in F&O ban: India Cements and Indus Tower.

Shares of auto companies will be in focus after June sales data announcement.

Bharat Electronics (BEL) signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on 28 June 2024 at AVNL Headquarters in Chennai.

Titan Company executed a joint venture agreement (JVA) with Rhythm Jewelry for establishing a joint venture company in Bangladesh with the objective of manufacturing, marketing and retailing of jewellery products in Bangladesh.

Dr Reddy's Laboratories partnered with Zydus Life for co-marketing of the Pertuzumab biosimilar.

Gail (India)’s board accorded approval to advance its net zero target for scope-1 and scope-2 greenhouse gas emissions to 2035.

Jindal Stainless acquired a 100% stake in Sulawesi Nickel Processing Industries Holdings PTE, Singapore, for setting up a joint venture in Indonesia for investing, developing, constructing, and operating a stainless-steel melt shop in Indonesia.

Cantabil Retail India opened 4 new showrooms /shops at different location in India during the month of June 2024. Now the total number of showrooms/shops of the company stands at 545.

Navin Fluorine International‘s board has approved fund raising, as the validity of special resolution passed on 31 July 2023, approving fund raising not exceeding Rs 750 crore will be lapse on 30 July 2024.

Godrej properties acquired 7 acres land in Thanisandara, North Bengaluru on outright basis, for development of a high-end residential project, having developable potential of approximately 9 lakh square feet with an estimated revenue potential of Rs 1,200 crore.

Orchid Pharma partnered with Cipla to ensure widespread and rapid distribution of the company’s new drug- Cefepime-Enmetazobactam across India.

Aditya Vision’s board will meet on Wednesday, 3 July 2024 to consider a proposal of sub- division /split of the equity shares of the company.

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The project entails the supply and installation of an advanced, indigenously designed and developed sighting and fire control system (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive engineering support package.

Additionally, BEL has secured other orders valued at Rs 481 crore following the last disclosure on 22 May 2024 which comprises of doppler weather radar, classroom jammers, spares and services etc.

With these, BEL has received accumulated orders totalling Rs 4,803 crore in the current financial year,” the Navratna Defence public sector undertaking said in a statement.

Navratna PSU BEL is a multi-product, multi-technology, multi-Unit conglomerate which designs, manufactures and supplies products and systems in a wide variety of fields including radars, missile systems, military communications, naval systems, electronic warfare & avionics, C4I systems, electro optics, tank electronics & gun/weapon system upgrades, and electronic fuzes in the defence segment. As on 31 March 2024, the Government of India held 51.14% stake in the company.

The company reported 30.04% growth in consolidated net profit to Rs 1,797.11 crore in Q4 FY24 as against Rs 1,382.02 crore in Q4 FY23. Revenue from operations jumped 32.18% year on year (YoY) to Rs 8,564.08 crore in the quarter ended 31 March 2024.

The scrip had risen 0.56% to end at Rs 306.20 on the BSE on Friday.

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Bharat Electronics (BEL), has signed a contract valued at Rs.3,172 crore with Armoured Vehicles Nigam (AVNL) on 28 June  2024, at AVNL Headquarters in Chennai. The project entails the supply and installation of an advanced, indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive Engineering Support Package.

Additionally, BEL has secured other orders valued at Rs.481 crore following the last disclosure on 22 May 2024 which comprises of Doppler Weather Radar, Classroom jammers, spares and services etc.

With these, BEL has received accumulated orders totalling Rs.4,803 crore in the current financial year.

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