Bhel drops on profit booking

Bharat Heavy Electricals lost 1.37% to Rs 172.30 at 12:27 IST on BSE, with the stock sliding on profit booking after recent rally after the company said it has secured an worth Rs 1023 crore from Neyveli Lignite Corporation.

The new order was announced after market hours on Thursday, 26 December 2013.

Meanwhile, the S&P BSE Sensex was up 123.43 points or 0.59% at 21,198.02.

On BSE, so far 2.34 lakh shares were traded in the counter as against average daily volume of 7.83 lakh shares in the past one quarter.

The stock hit a high of Rs 174.45 and a low of Rs 171.60 so far during the day. The stock had hit a 52-week high of Rs 245.40 on 8 January 2013. The stock had hit a 52-week low of Rs 100.35 on 20 August 2013.

The stock had outperformed the market over the past one month till 26 December 2013, advancing 18.16% compared with the Sensex's 3.18% rise. The scrip had also outperformed the market in past one quarter, surging 16.16% as against Sensex's 5.94% rise.

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

Shares of Bharat Heavy Electricals (Bhel) had rallied 7.73% in four trading sessions to settle at Rs 174.70 on Thursday, 26 December 2013, from a recent low of Rs 162.15 on 162.15 on 19 December 2013.

Bhel said that the company has bagged an order for the supply of Turbine Generator (TG) Package for 2x500 MW TPS at Neyveli. The order valued at Rs 1023 crore has been secured by Bhel from Neyveli Lignite Corporation (NLC) for NLC's upcoming 1,000 MW Neyveli New Thermal Power Project at Neyveli, Tamil Nadu. Bhel's scope of work under the contract includes manufacture, supply, erection, testing and commissioning of Steam Turbine Generators & Auxiliaries along with associated civil works.

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 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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