The Hindu Business Line : BEL scrip active on value picking

THE counter of Bharat Electronics Ltd on Friday was active after the 2003-04 results came in. The stock closed lower by around 7 per cent at Rs 486.40 (Rs 520.85) on the National Stock Exchange with a traded quantity of 3.72 lakh (71,364) shares and registered two large-sized deals.

Some 71.09 per cent of the total traded quantity was presented for delivery, indicating substantial value buying at lower levels. It attracted higher volumes (1.90 lakh shares) on the Bombay Stock Exchange too.

The public sector unit results showed that it achieved highest ever turnover (provisional) of Rs 2,791 crore during 2003-04, an increase of over 10 per cent (Rs 283 crore).

The unaudited net profit figure registered a 15.5 per cent rise at Rs 446 crore. However, the sequential sales and profit numbers logged a decline in the January-March quarter. The fourth quarter net profit declined to Rs 164 crore from Rs 214 crore recorded in the October-December quarter of 2003-04.

"This was slightly below expectation and market discounted it today. At today's closing price, the stock traded at 15 times its expected 2004-05 earning per share of Rs 32. The stock had seen a 52-week high of Rs 699 and a low of Rs 177," said Mr Ketan Thacker of Anagram Stockbroking. On March 8, it touched a high of Rs 556.

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