BSE 100: This defence company touched a fresh 52-week high today!

The shares of the company rallied as the company announced Q1FY23 results.

Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures state-of-the-art electronic products and systems for the Army, Navy, and Air Force. BEL has also diversified into various areas like homeland security solutions, smart cities, e-governance solutions, space electronics including satellite integration, energy storage products including e-vehicle charging stations, solar, network and cyber security, railways and metro solutions, airport solutions, electronic voting machines, telecom products, passive night vision devices, medical electronics, composites, and software solutions. 

On Friday, July 15 2022, the company posted its Q1FY23 results after market hours. The net profit of Bharat Electronics skyrocketed by 1401.64 per cent to Rs 365.65 crore in the quarter ended June 2022 in comparison to Rs 24.35 crore reported during the same quarter the previous year. There was a robust 96 per cent growth in sales in the current quarter as the sales stood at Rs 3087.268 crore against Rs 1575.14 crore reported in the same quarter the previous year.  

 As the week started on a positive note and at 12:20 pm, the S&P BSE 100, the index of which the company is a part is at 16,599.09, up by 1.08 per cent. Today, the shares of BEL hit a fresh 52-week of Rs 260.75 and it has a 52-week low of Rs 160.40. Currently, the shares have jumped4.30 per cent and the scrip is trading at Rs 256.