Bharat Electronics posts strong quarterly gains

India’s Bharat Electronics Limited (BEL) has posted strong financial growth in the third quarter of fiscal year 2016-17, the company has announced.

In a filing to the Bombay Stock Exchange (BSE) on 27 January, BEL said total income in the quarter ending 31 December 2016 reached INR22.7 billion (USD333 million) and net profit was INR3.7 billion.

BEL said these represent year-on-year increases of 33 per cent and 31per cent respectively.

In another filing, BSE, which is headquartered in Bangalore, said it plans to split its shares in a ratio of 1:10, with a view to making its stock more affordable. BEL said its board of directors has approved the sub-division of one equity share of INR10 each into 10 equity shares of INR1 each.

By Baishakhi Dutta