Bharat Dynamics shares were subdued until this recent upmove and courtesy of this, the stock has extended its 2024 gains to over 60%.
Recently, the defence company had announced that it will divide one equity share with a face value of ₹10 into two equity shares of face value of ₹5 each. Friday, May 24, will be the record date for the stock split. This is the first such corporate action undertaken by the company.
Shares of Bharat Dynamics made their stock market debut in March 2018 at an IPO price of ₹428 per share. When assessed with Thursday’s high, shares of Bharat Dynamics have risen nearly 7x from its IPO price in just over six years.
Thursday’s upmove also meant that Bharat Dynamics has now crossed ₹50,000 crore in market capitalisation.
In its provisional figures released on April 1, Bharat Dynamics had stated that its revenue for financial year 2024 stood at ₹2,350 crore, which is lower than the ₹2,489 crore it reported during the same quarter last year.
Bharat Dynamics attributed the reduction in turnover in financial year 2024 to the current geopolitical situations in Europe and the Middle East, which has affected the company’s supply chain.
As of April 1 this year, Bharat Dynamics had an order book of ₹19,468 crore.
10 analysts have coverage on Bharat Dynamics and seven of them have a “buy” recommendation. Two analysts have a “sell” rating, while the other one has a “hold” recommendation.
Consensus estimates still see another 31% upside in shares of Bharat Dynamics, despite this recent run-up.
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