Shares of Bharat Electronics (BEL) rose on Wednesday after global brokerage firm Macquarie maintained its bullish calls on the company.
What The Brokerage Said: Macquarie maintained its "outperform" call on BEL with a target price of ₹350, indicating a 19% upside from the previous day's close. The company so far has been on track with its FY25 guidance and "all eyes are on order inflow in second half of FY25″, the brokerage said.
The order inflow in the year so far has been lagging but is not a concern for the research firm. The brokerage added that the company has backlog to support growth trends and supply chain of the company remains a key aspect to keep an eye on for the company.
See Also: RVNL Starts Work On Orange Line’s Metro Pier
Macqaurie also pointed out that 70%-80% of BEL's FY25 pipeline orders are single tender orders given for specific research and development efforts taken by the company in the last 7-8 years.
BEL has won total orders worth ₹7,075 crore in the current financial year so far. The company recently won an order worth ₹850 crore from Cochin Shipyard.
Price Action: Shares of BEL were up 0.70% to ₹293.85 on Wednesday.
Read Next: NBCC Approaches Supreme Court To Finish Supertech’s 17 Unfinished Projects
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.