India's Bharat Dynamics slumps on Q1 profit drop

Bharat Dynamics

12/08/2024 05:24

** Shares of Bharat Dynamics  BARA.NS  fall as much as 14.8%
to 1,222.4 rupees, lowest since May 18
    ** BARA among top losers on Nifty Midcap 100 index
 .NIFMDCP100 , which is down 0.27%
    ** Defence equipment maker said Q1 profit fell 83% Y/Y, rev
from ops down 29%
    ** Supply chain issues on electronic components have
hampered performance, said analyst at Antique Stock Broking
    ** Adds, issues seem to be receding, can expect
normalization of supply from overseas vendors from 2HFY25
    ** Six analysts covering the stock have a "buy" rating on
avg; median PT is 1,256.5 rupees - LSEG data
    ** Stock up 67% so far this year vs a 24% gain in the midcap
index


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))