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Shares of public sector unit Bharat Electronics will be in focus on Monday after the union government approved a joint venture in partnership with Israel Aerospace Industries. According to an exchange filing, the Ministry of Corporate Affairs (MCA) has approved incorporation of BEL IAI AeroSystems, a JV between BEL and Israel Aerospace Industries Limited. The JV will provide product support including repair and maintenance and related activities for MediumRange Surface to Air Missile (MRSAM) Systems deployed and used in India.
Shares of BEL have delivered multibagger returns to investors in the last one year period, rising as much as 111%. So far this year, the stock has returned 57% to investors. In a separate news, the defence PSU stock will have 1% weightage in the 50-stock index from today.
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50 in July 2024 and thereafter started marking a sequence of lower tops and lower bottoms. "Recently, it has shaped an Adam and Adam Double Bottom pattern on the daily chart. The stock is currently hovering around the neckline of this pattern.
Any sustainable move above the level of Rs 300 will lead to sharp upside rally up to the level of Rs 325, followed by Rs 340 level," said Sudeep Shah of SBI Securities. The year-to-date order intake for BEL is currently at Rs 70800 crore. Based on this, brokerage Prabhudas has an 'Accumulate' rating with a target price of Rs 341.
The stock is currently trading at a PE of 43.4x/36.0x on the earnings of FY25/26E.
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