BEL shares get outperform call but stock unmoved 

Shares of Bharat Electronics Ltd (BEL) were trading on a flat note on Wednesday even as global brokerage Macquarie maintained its bullish outlook on the company. 

BEL shares were trading at Rs 290.15 on BSE. Market cap of the firm stood at Rs 2.12 lakh crore.

BEL stock has clocked multibagger returns of 112% in one year and risen 172% in two years, respectively.

Macquarie has kept its "outperform" stance unchanged on BEL with a target price of Rs 350, a 19% upside to the previous day's close. The company so far has been on track with its FY25 guidance and "all eyes are on order inflow in second half of FY25", the brokerage said. 

The brokerage said the company has backlog to support growth trends and supply chain of the company remains a key aspect to keep an eye on for the company. 

Macqaurie said that 70%-80% of BEL's FY25 pipeline orders are single tender orders given for specific research and development efforts taken by the company in the last 7-8 years. 

In terms of technicals, the relative strength index (RSI) of BEL stock stands at 50.6, signaling it's trading neither in the overbought nor in the oversold zone. BEL shares are trading higher than the 5 day, 10 day, 20 day, 150 day, 200 day but lower than the 30 day, 50 day and 100 day moving averages. 

Bharat Electronics manufactures and supplies electronic equipment and systems to defence sector.