Bhel advances after optimistic management comments

Bharat Heavy Electricals rose 2.11% to Rs 150.20 at 11:21 IST on BSE after the company said it has recorded highest-ever commissioning of projects and highest order booking in the last five years in the financial year ended 31 March 2016.

The announcement was made after market hours yesterday, 22 September 2016.

Meanwhile, the S&P BSE Sensex was down 19.89 points or 0.07% at 28,753.24

On BSE, so far 5.75 lakh shares were traded in the counter as against average daily volume of 10.74 lakh shares in the past one quarter. The stock hit a high of Rs 150.70 and a low of Rs 146.40 so far during the day. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had hit a 52-week high of Rs 219.70 on 27 October 2015. The stock had outperformed the market over the past 30 days till 22 September 2016, rising 7.57% compared with 2.54% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 24.4% as against Sensex's 9% rise.

The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.

Bharat Heavy Electricals (Bhel)'s chairman & managing director, Atul Sobti, said that in spite of financial year ended 31 March 2016 (FY 2016) being an extremely challenging year, the company recorded the highest-ever commissioning of projects in its history and the highest order booking in the last five years in FY 2016, ending the year with significant traction in growth drivers.

Addressing shareholders at the 52nd annual general meeting of the company, Sobti said that enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during the year. Despite intense competitive pressure in the power and capital goods markets during the year, Bhel achieved the highest order booking in the last five years, at Rs 43727 crore, a 42% leap over 2014-2015. The company ended the year with a total order book of Rs 110730 crore for execution in 2016-2017 and beyond.

Bharat Heavy Electricals (Bhel)'s net profit jumped 54.2% to Rs 77.77 crore on 29% growth in net sales to Rs 5522.76 crore in Q1 June 2016 over Q1 June 2015.

State-run Bhel is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2016).

Powered by Capital Market - Live News