Buy BEL shares - check share price target NSE, BSE | Bharat Electronics Share Price Target

BEL Share Price NSE, BEL Share Price Target: Bharat Electronics Limited, NSE: BEL, shares gained on Wednesday, November 16, after Navratna Defence PSU signed an MoU with Yantra India Limited (YIL) for co-operation in the areas of ammunition hardware and military-grade components. 

The stock opened at Rs 108.95 apiece on NSE, gaining more than 1.50 per cent from previous close of Rs 107.05. At 1:40 PM, the stock quoted Rs 108.85 apiece.

According to a PTI report, BEL and YIL will jointly address the requirements of Indian defence and export markets. The pact aims at leveraging the complementary strengths and capabilities of BEL and YIL, a state-owned defence company, and sharing of manufacturing and test infrastructure/resources for the production of arms and ammunition and related systems.

Zee Business panellist Simi Bhaumik said that BEL is a good stock to hold in portfolio. She said that the stock is in a consolidation phase for now and suggested to adopt buying on dips strategy. She said that BEL has a strong support at Rs 100, adding that a fresh breakout is possible once it crosses Rs 115 which is a strong resistance. 

"Momentum is expected above Rs 115. The stock can touch the 150-170 level in 6-7 months," she said.

Another Zee Business panellist Ambarish Baliga said that BEL is a good buy among the defence stocks, adding that shareholders should wait a bit for returns. "Post bonus, the stock is in a consolidation phase. Above Rs 115, the stock could touch Rs 135-140," he said.

Bharat Electronics is an aerospace and defence electronics company under the Ministry of Defence. It was founded in 1954 and has its headquarters in Bengaluru. BEL manufactures advanced electronic products for the defence forces.

The government-owned company's stock has yielded nearly 55 per cent returns in 2022 so far. 

BEL, YIL join hands to cooperate in ammunition hardware, military grade components

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