Bharat Electronics gains 2% after Morgan Stanley initiates coverage with 'overweight' call

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Concerns on margin & working capital deterioration are priced in, the global brokerage feels.




Shares of Bharat Electronicsrallied 2 percent intraday on August 22 after global brokerage house Morgan Stanley initiated coverage with an overweight call on the stock.

The stock was quoting at Rs 92.95, up to Rs 1.00, or 1.09 percent on the BSE at 1047 hours IST.

Morgan Stanley initiated coverage with an overweight call and target price of Rs 116 per share. "We see the company as the best way to play India's Defence Indigenisation Theme. Its strengths include strong execution record and wide product range," it reasoned.

Concerns on margin & working capital deterioration are priced in, the global brokerage feels.

Bharat Electronics in the quarter ended June 2019 reported a 12 percent year-on-year increase in consolidated profit at Rs 210.59 crore, partly due to higher other income. However, revenue declined 0.37 percent year-on-year to Rs 2,124.5 crore in Q1.

The company received orders worth Rs 1,985 crore during the June quarter, taking total order book to Rs 51,715 crore. Export order as of July 1, 2019, stood at $162.24 million.


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