BEL emerges as top gainer in Futures segment; 165 CE option price surges over 900 per cent

Bharat Electronics Limited (BEL) is an Indian state-owned aerospace & defence company, which primarily manufactures advanced electronic products for the Indian Armed Forces.  

The stock skyrocketed more than 10 per cent on Wednesday i.e. on a day, when markets ended in the red. Furthermore, the stock has logged its best single-day gain in almost two years. It also reached that level, which was last seen in early 2018.   

BEL achieved a turnover of Rs 6,757.05 crore for the quarter ended March 31, 2021, as against Rs 5,725.49 crore for the corresponding quarter of the previous year. The profit after tax (PAT) stood at Rs 1,352.38 crore as against Rs 1,034.52 crore for the corresponding quarter of the previous year.   

Just a day before the monthly (June) derivatives series expiry, the stock witnessed a massive unwinding in the Call option of 155 and 160. The 155 Call option saw an unwinding of 21.96 lakh shares, while the 160 Call option saw an unwinding of 16.11 lakh shares. The maximum open interest concentration on the Call side is seen at 170 strikes. On the Put side, 160 strikes have seen an addition of more than 10 lakh shares and with this, the maximum concentration of open interest on the put side is seen in this strike.   

Meanwhile, the Call option buyer saw their wealth surging multifold in a single day as the price of 165 Call option jumped over 900 per cent in a single day.