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ELECTRONICS 
November 11, 2019 Stock corner: ‘Hold’ Bharat Electronics, an overall miss for company in the quarter
Maintain Hold with an unchanged TP of Rs. 125 as we roll over the valuation to March 2021. Sedate execution in the defence segment (up ~10% y-o-y versus our forecast of 30%) led to an overall miss for Bharat Electronics (BHE). Key highlights: (i) Defence revenue grew 10% y-o-y, adjusting for Rs. 12.6-bn EVM/VVPAT execution […]
