In the first quarter, Bharat Electronics company reported a 15-fold jump in its net profit, which is why its shares (BEL) jumped six per cent on 18th July 2022.
The company gave a statement in which they mentioned that the total consolidated revenue is from its operations had increased to Rs 3,140.61 crore during the quarter ended in June, in which they secured a profit of Rs 366.33 crores as compared with last year, which was, Rs 24.41 crore in the same quarter.
Morgan Stanley stated that the company was primarily beaten by its performance and led by its revenue, and the company’s broker said their perceptions are in line with guidance. It seems that there will be upside risks in FY23 earnings estimates.
Morgan Stanley has already set the target for its stock, which is already achieved, and the company aimed to maintain an ‘overweight’ rating on the stock with a target of Rs. 260.