BEL Cmp Rs.1632 Stock has closed lowest level in 12months after making high of Rs.2251 in March 2010 clearly in underperforming market and today important support of 1640 was broken and close was below that.. Stocks 200DMA-1853 & 100DMA-1771 and stock trades below major moving averages and results too not supportive for the stock as sales has dropped 26% and uncertain order book as most of the order from defense is a drag for the company. Stock in short term looks weak and correction can be 8-10% also but always take informed decision.
http://www.bel-india.com/ Bharat Electronics Ltd (BEL) reported a whopping decline of 56% in its net profit at Rs 104 crore for the second quarter ended September 30, 2010 as compared to Rs 237 crore in the corresponding quarter last fiscal. The drop in profits was mainly due to lower realization in orders from the defence forces and increase in employee’s wages. The net sales of the company for the quarter also dropped by 26% to Rs 960 crore compared to Rs 1,299 crore in the year ago period. http://www.business-standard.com/india/news/bel-q2-net-slips-56-to-rs-104-cr/114049/on
