Shares of Bharat Electronics Ltd. hit an all-time high on Friday after the Ministry of Defence approved procurement of electronic warfare suite from the manufacturer.
The Defence Acquisition Council granted the acceptance of necessity for procurement and installation of the EW suite on Mi-17 V5 helicopters to enhance the efficiency of the Indian Air Force, according to an official release on Thursday.
The company also has 45.86 lakh shares change hands in two large trades, according to the Bloomberg data. The buyers and sellers were not known immediately.
Shares of Bharat Electronics jumped over 2% intra-day to hit a record high of Rs 137.95 apiece. It pared gains to trade 0.45% higher at Rs 135 per share compared to a 0.66% decline in the benchmark NSE Nifty 50 as of at 11:08 a.m.
The stock has risen 34.48% on a year-to-date basis. The total traded volume stood at 4.7 times its 30-day average. The relative strength index was at 62.53.
Twenty-six out of the 30 analysts tracking Bharat Electronics maintain a 'buy' rating on the stock, three suggest 'hold' and one recommends 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.3%.
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