Bharat Electronics hits three-year low on weak Q1 earnings
Bharat Electronics has tanked almost 9% to Rs 1,131, its lowest level since May 2009, after reporting 84% year-on-year (yoy) fall in net profit at Rs 19.32 crore for the quarter ended June 2012, due to lower operational income and higher material cost. The state-owned company had a net profit of Rs 123 crore in the corresponding quarter of previous fiscal.
The company has reported an operation loss of Rs 106 crore against profit of Rs 42 crore during the recently concluded quarter. Total income from operations of the engaged in defence sector has declined 16% at Rs 797 crore on y-o-y basis.
The stock opened at Rs 1,225 and hit a high of Rs 1,245 on the NSE. A combined around 100,606 shares have changed hands on the counter so far on both the exchanges.