Shares of this mid-cap stock associated with the ‘Defence’ sector closed their trading session on Thursday on a flatter note after HDFC Mutual Fund sold 2 percent stake in the company.
With a market capitalization of Rs 21,294.53 crores, the stocks of Bharat Dynamics Limited closed at Rs 1,161.85 in Thursday’s trading session trading flat as compared to the previous close of Rs 1,155.85 apiece.
In a recent filing with the Bombay Stock Exchange (BSE), the company intimated that HDFC Mutual Funds, one of the well-known funds in India, has sold a 2 percent stake, viz, around 36.68 lakh shares, in Bharat Dynamics Limited.
The transaction took place via open market operations on 28th November 2023. Before the stake disposal, the Mutual Fund held a 7.05 percent stake in the company which, post disposal, has dipped down to 5.05 percent.
The defence company has shown a stellar performance in the past two quarters building its order book from Rs 20,054 crores during April 2023 to Rs 20,766 crores during September 2023.
Having a glance at the recent quarters, the company has been successful in increasing its operating revenues as well as net profits with the former moving up from Rs 297.72 crores during Q1FY23-24 to Rs 615.81 crores during Q2FY23-24, and, the latter, keeping the timeframe the same, rising from Rs 41.82 crores to Rs 147.09 crores.
According to the shareholding pattern data of the company, the Promoters hold a 74.93 stake, and the Foreign Institutional Investors (FIIs) hold a 3.09 percent stake in the company.
Incorporated in 1970, Bharat Dynamics Limited is engaged in the business of manufacturing and selling guided missiles and allied equipment in India. The company provides air-to-air, surface-to-air, as well as underwater weapons, torpedoes, etc. It offers the products to the ‘Indian Armed Forces’ and the ‘Government of India’.
Written by Amit Madnani
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