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Saturday, Nov 11, 2006

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BEL: Betting on order position

The Rs 10-face value BEL stock dipped 1.4 per cent to close at Rs 1,101.90 on the NSE, a decline that is prompting analysts to refer to the company's modest performance in Q2, which is marked by only a marginal increase in net revenues. Its operating profit margin fell from 24.8 per cent to 22.4 per cent in the second quarter. However, some sections expect the company to meet its gross revenue expectations by the end of 2006-07. They also allude to "fresh order intake" (Rs 800 crore-plus) during the first half of the year, better than the Rs 285 crore or so in H1 of fiscal 2006. The BEL stock is currently trading at about 13.3x fiscal 2007 and 11.8 fiscal 2008 estimated earnings, without adjusting for the free cash reserve of Rs 229 per share on its books at the end of fiscal 2006, brokers add. On Friday, it touched the day's high at Rs 1,135.80.

Nilanjan Dey

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