This PSU defence stock with high dividend yield declares 60% second interim dividend

Bharat Electronics (BEL) has approved a second interim dividend of Re 0.6 per share for the current financial year 2022-23. The company has fixed March 25 as the record date to determine the eligibility of shareholders for the payment of said dividend.

"The Board of Directors of the company at its meeting held on 17 March declared a second interim dividend of Re 0.60 (60%) per equity share of Re 1 each fully paid-up for the financial year 2022-23," the company said in a filing.

The second interim dividend will be paid within 30 days from the date of declaration.

The shares of the company will go ex-dividend a day or two days before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.

BEL has paid an interim dividend of Rs 3.60 per share in the last 12 months, resulting in a dividend yield of 3.84%.

According to data sourced from Trendlyne, Bharat Electronics has an average target price of Rs 122, which represents an upside of 29.93% from the current levels.

On Friday at 1.15 pm, the company's stock was trading 2.23% higher at Rs 93.95 apiece on NSE. So far this year, the stock is down about 6.33% on a year-to-date basis. In the last one year period, the stock has gained 34%

Bharat Electronics is a state-owned aerospace and defence electronics company. It primarily manufactures advanced electronic products for the Indian Armed Forces.

The PSU defence company recently reported a marginal 3% rise in its net profit to Rs 599 crore in the third quarter as against Rs 583 crore in the same period a year earlier. Meanwhile, net sales of the company rose 10% year-on-year to Rs 4,046 crore during the same period.

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