India's Bharat Dynamics, Bharat Electronics jump to record highs

Bharat Dynamics

11/07/2023 09:05

** Shares of defense equipment makers Bharat Dynamics Ltd
 BARA.NS  and Bharat Electronics Ltd  BAJE.NS  hit record highs,
rising as much as 18.3% and 4.5%, respectively
    ** PhillipCapital analysts initiate coverage on BARA with
"buy", PT of 1,428 rupees; maintain "buy" on BAJE; 
    ** Stocks among brokerage's top picks in sector
    ** Expects BARA, India's only surface-to-air missile maker,
to see revenue for FY23-26 rise at compounded annual growth rate
of 32% on order backlog execution
    ** State-owned BAJE's revenue CAGR seen at 15% through
FY23-26; positive on order backlog, revenue diversification from
non-defence clients - PhillipCapital
    ** BARA up 31.5 YTD vs BAJE's 28.8% rise

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))