BEL‘s share price was upbeat on Thursday morning after a global brokerage firm maintained its bullish outlook on the defence major. The brokerage update helped the stock extend gains to the third straight session on Thursday.
What Happened: Morgan Stanley has issued an “overweight” call for BEL, with a target price of ₹364. The target indicates an upside of around 26% from the stock’s last closing price of ₹288.05.
This optimistic outlook by the financial services giant follows BEL’s securing of an order worth ₹850 crore from Cochin Shipyard. In addition, BEL has also secured orders worth ₹300 crore for Navigational Complex Systems.
See Also: NBCC Signs MoU With MTNL To Develop Prime Land In New Delhi, Project Valued At ₹1,600 Cr
BEL’s total order inflows in the financial year 2025 stand at ₹7,070 crore to date, which is 28% of the company’s guidance for the year ending March 2025, the analysts highlighted.
This development comes in the wake of a shift in the market sentiment towards “narrative” stocks like BEL, as noted by Kotak Institutional Equities. Despite a recent correction, analysts at Kotak see a significant gap between the real value and current market capitalisation of these stocks.
Price Action: BEL’s share price was up 1.22% to trade at ₹291.55 as the markets opened on Thursday.
Read Next: Suzlon Peer Inox Wind’s Subsidiary Completes ₹350 Cr Equity Raise
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.