Buy Bharat Electronics, target price Rs 115: Kotak Securities

Kotak Securities has given a buy rating to Bharat Electronics with a target price of Rs 115. The share price moved up by 1.93 per cent from its previous close of Rs 108.90. The stock’s last traded price is Rs 111.

Bharat Electronics Ltd., incorporated in the year 1954, is a Large Cap company (having a market cap of Rs 26778.16 Crore) operating in Defence sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 3168.36 Crore, up 93.02 % from last quarter Sales of Rs 1641.46 Crore and up 18.95 % from last year same quarter Sales of Rs 2663.57 Crore Company reported net profit after tax of Rs 395.96 Crore in latest quarter.


Investment Rationale
Volume activity has seen a pick up in the last few days and a pole and flag chart pattern formed on the daily chart.

Promoter/FII Holdings
Promoters held 51.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 11 per cent, DIIs 31.2 per cent and public and others 7.7 per cent.