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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
BDL, BEL, Astra Microwave shares may rally up to 31% after Rs 54,000 crore defence boost, says ICICI Securities
Bharat Dynamics Ltd (BDL), Bharat Electronics Ltd (BEL), and Astra Microwave Products could advance as much as 31%, ICICI Securities said, reiterating its ‘buy’ ratings on the stocks after the Defence Acquisition Council (DAC) cleared capital acquisition proposals worth Rs 54,000 crore.
The brokerage said BDL is likely to benefit directly from the procurement of Varunastra Torpedoes, while BEL and Astra Microwave stand to gain from the Airborne Early Warning & Control (AEW&C) Aircraft Systems order that will boost India’s radar ecosystem.
The DAC approvals, announced by the Ministry of Defence, include three major proposals made public—upgrading T-90 tank engines to 1,350 horsepower, procurement of the indigenously developed Varunastra Torpedoes for the Navy, and acquisition of AEW&C systems for the Air Force.
Shares of leading domestic defence equipment suppliers surged on Thursday after the DAC approved eight capital acquisition proposals worth over Rs 54,000 crore. BDL shares climbed 5.6% to Rs 1,317 on Thursday, BEL shares were trading over 1% higher, while shares of Astra Microwave rose 3.2% to Rs 710.95.
“The AEW&C systems are capability enhancers and increase the combat potential of every other weapon system. In our view, BEL is likely to benefit with a rub-off effect on companies in the radar ecosystem, such as Astra Microwave,” ICICI Securities said.
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The brokerage maintained a target price of Rs 1,400 apiece on Bharat Dynamics shares, implying an upside potential of over 6% from the
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markets
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21.05 / 09:47
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