Government denies further stake sale in BHEL; stock up 2%

Shares of Bharat Heavy Electricals (BHEL) have gained 2.22% to Rs 168 on the BSE after Heavy Industry Minister Anant Geete clarified to the media that there were no plans of divestment of the government's stake in the company.

According to reports, Heavy Industry Minister Anant Geete has categorically denied that a propsoal of further stake sale in Bharat Heavy Electricals (Bhel) is being considered by the government at present.

As on 30 September 2015, the government held 63.06% stake in BHEL. In March 2014, the government had sold 4.66% stake in the company.

However, Geete reportedly admitted that the performance of BHEL is improving and the company has got robust orders in the current fiscal.

On BSE, so far 1.42 lakh shares were traded in the counter, compared with an average volume of 5.25 lakh shares in the past one quarter.

The stock hit a high of Rs 168.60 and a low of Rs 166.20 so far during the day. The stock hit a 52-week high of Rs 299.50 on 4 February 2015. The stock hit a 52-week low of Rs 164.10 on 8 December 2015.