Bharat Electronics lost 2.03% to Rs 1,233.05 at 9:24 ISTon BSE after net profit fell 52.94% to Rs 36.09 crore on 18.1% decline in total income to Rs 1010.17 crore in Q1 June 2016 over Q1 June 2015.
Bharat Electronics’ board approved the proposal for buyback of equity shares of the company for a total consideration not exceeding Rs 2171.15 crore at a buyback price of Rs 1,305 per share through a tender offer. The promoters of the company intimated their interest to participate in the proposed buyback.
Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.
The Government of India currently holds 75.02% stake in Bharat Electronics (as per the shareholding pattern as on 30 June 2016).
By Baishakhi Dutta
