BHEL bounces 18% from day's low as 13 mn shares change hands in block deal

The company has floated an Expression of Interest (EoI) inviting global companies to partner with it and leverage its facilities and capabilities for setting up a manufacturing base in India

Shares of Bharat Heavy Electricals Limited (BHEL) surged 10 per cent to Rs 24.60 on the BSE on Monday after more than 10 million shares of the company changed hands via blocks deals.

By 12:17 pm, the stock bounced back 18 per cent from the day’s low of Rs 20.90 apiece on th BSE as nearly 13 million equity shares, representing 0.38 per cent of total equity of BHEL, changed hands via block deal on the BSE, the exchange data shows.

At 01:15 pm, the stock was trading 8 per cent higher at Rs 24.10, as compared to a 5.2 per cent decline in the S&P BSE Sensex. A combined 111 million shares, representing 3.2 per cent of total equity of the company, have changed hands so far on the counter on the BSE and NSE. The names of the buyers and sellers could not be ascertained immediately.

At the bourses, the stock of BHEL has underperformed the market by falling 65 per cent in the past one year as compared to a 18 per cent decline in the S&P BSE Sensex. It hit a multi-year low of Rs 19.20 on March 25, 2020.

The company has floated an Expression of Interest (EoI) inviting global companies to partner with it and leverage its facilities and capabilities for setting up a manufacturing base in the country to further promote Make in India and support international companies for setting up manufacturing in India. READ STATEMENT HERE

BHEL, a Maharatna CPSE under the Department of Heavy Industries, has 16 state-of-the-art manufacturing facilities spread across the country with substantial land bank as well as extensive built up industrial/ commercial and residential spaces.

These facilities & capabilities along with its tie ups put BHEL in a strong position to support any international company, in setting up a base in India, the company said.