Bhel drops on profit booking

Bharat Heavy Electricals lost 2.03% to Rs 144.85 at 12:11 IST on BSE, with the stock sliding on profit booking after 2-day 7.91% rally.

Meanwhile, the S&P BSE Sensex was down 47.42 points or 0.23% at 20,377.60.

On BSE, 3.61 lakh shares were traded in the counter as against average daily volume of 6.94 lakh shares in the past two weeks.

The stock hit a high of Rs 149 and a low of Rs 144.25 so far during the day. The stock hit a 52-week low of Rs 100.35 on 20 August 2013. The stock hit a 52-week high of Rs 247.50 on 7 December 2012.

Shares of Bharat Heavy Electricals (Bhel) had rallied 7.91% in two trading sessions to settle at Rs 147.85 on Tuesday, 26 November 2013 from a recent low of Rs 137 on 22 November 2013.

Bhel last week said that it received a major order from NTPC for supply and installation of the main plant package for a power project in Uttar Pradesh, involving one thermal power generating unit of 500 megawatts (MW). Valued at Rs 1300 crore, the order for the supply and installation of the steam generator, steam turbine generator and electrics package for the upcoming 500 MW Feroze Gandhi Unchahar Thermal Power Project (TPP), was received from NTPC BHEL Power Projects (NBPPL), a joint venture between NTPC and Bhel.

Bhel's net profit fell 64.2% to Rs 455.95 crore on 15.2% decline in net sales to Rs 8819 crore in Q2 September 2013 over Q2 September 2012.

Bhel said that the results for the quarter and half year ended 30 September 2013 includes financial results of HPVP unit (erstwhile BHPV). Consequent to this, impact of HPVP unit for and upto the quarter ended on 30 September 2013 includes turnover of Rs 16.69 crore and loss of Rs 191.35 crore before tax. The impact on Reserves & Surplus is reduction by Rs 311 crore, Bhel said. In view of this, figures for the current reporting period are not comparable with the previously reported period figures, Bhel added.

Bhel's order book stood at Rs 102300 crore as on 30 September 2013.

Bhel is the largest engineering and manufacturing enterprise in India in the energy related/infrastructure sector. The company caters to the core sectors including power, transmission, industry, transportation, renewable energy, oil & gas and defence.

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