Bharat Electronics, JK Tyre stocks slip post Q3 results

Bharat Electronics, JK Tyre stocks slip post Q3 results
Shares of Bharat Electronics and JK Tyre fell in the range of 4-7% after posting Q3 poor numbers.

Bharat Electronics (BEL) posted a PAT at Rs759.31cr in Q3FY20 vs. Rs1,258.7cr in the corresponding period of the previous year. The profit dipped mainly due to lower sales realisation coupled with low margins on projects executed during the current period due to high material content. The profitability position is expected to improve in the last quarter of FY19-20 on higher sales realisation.

Also, JK Tyre reported a 61.8% decline in its consolidated net profit at Rs10.27cr for the third quarter ended December 31, 2019, as against a net profit of Rs26.89cr for the October-December period of 2018-19.

Stock view:
Bharat Electronics Ltd is currently trading at Rs92.65, down by Rs8.1 or 8.04% from its previous closing of Rs100.75 on the BSE. The scrip opened at Rs96 and has touched a high and low of Rs98.90 and Rs91.75 respectively.

JK Tyre & Industries Ltd is currently trading at Rs74.40, down by Rs3.35 or 4.31% from its previous closing of Rs77.75 on the BSE. The scrip opened at Rs75.50 and has touched a high and low of Rs76.55 and Rs73.15 respectively.




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