State-owned Bharat Electronics published its quarterly earnings through an exchange filing. The public sector undertaking posted an uptick in its net profit. The consolidated results posted a net profit of Rs 1,797 crore in March 2024, compared to Rs 859.5 crore in December 2023. This meant a 109 per cent jump in the entity's profits.
Shares Zoom After Earnings Result
Bharat Electronics is a state-owned aerospace and defence electronics company.
When we look at the yearly results, the Navartna company's net profits jumped to Rs 3,984 crore from the previous year's Rs 2,984 crore. This resulted in a jump of Rs 1,000 crore. And, in all, the state-owned company saw its numbers jump by 33.51 per cent.
The quarterly results also appear to have placated its status at Dalal Street as well. The company's shares surged 5.87 per cent in today's intraday trade to close at Rs 274.00. In addition, just in the past one week alone, the entity's prospects have zoomed by over 20 per cent, indicating investor's faith in the company's potential.
The company's shares surged 5.87 per cent in today's intraday trade to close at Rs 274.00. In addition, just in the past one week alone, the entity's prospects have zoomed by over 20 per cent, indicating investor's faith in the company's potential. | Pexels
Markets End The Day's Trade in Mix
It is important to note, that Bharat Electronics made this surge while the rest of the market traded and eventually closed the day's proceedings in red. The BSE Sensex ended the day relatively flat at 73,953.31, with a drop of 52.63 points or 0.07 per cent. Nifty Bank ended the day's trade at 48,048.20, with a slump of 151.30 points or 0.31 per cent. NSE Nifty, however, was an outlier, as it gained 27.05 points or 0.12 per cent to close the day at 22,529.05.
In addition, the company also published another exchange filing, in which it invoked the presentation of the proposition of dividends to shareholders.
In a statement, the company said, "As according to Regulations, 2015, we wish to inform you that the Board of Directors of the Company at their meeting held on 20 May, 2024, inter alia, has recommended a final dividend of ? 0.80 /- per equity share (80 per cent of Rs 1/- each fully paid-up for the financial year 2023-24 subject to approval by the shareholders in the next Annual General Meeting of the Company."
