Bhel gains after commissioning supercritical thermal unit in Karnataka

Bharat Heavy Electricals rose 3.98% to Rs 107.20 at 12:08 IST on BSE after the company said it commissioned its first 700 megawatts supercritical thermal unit in Karnataka.

The announcement was made during trading hours today, 4 March 2016.

Meanwhile, the BSE Sensex was up 24.13 points, or 0.10%, to 24,631.12.

On BSE, so far 10.92 lakh shares were traded in the counter, compared with an average volume of 8.22 lakh shares in the past one quarter. The stock hit a high of Rs 107.95 and a low of Rs 102.10 so far during the day. The stock hit a 52-week high of Rs 289.85 on 21 July 2015. The stock hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had underperformed the market over the past one month till 3 March 2016, sliding 19.64% compared with 1.58% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 38.92% as against Sensex's 4.94% fall.

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

Shares of Bharat Heavy Electricals (Bhel) are in demand since past few days. The stock has risen 17.67% in four consecutive sessions from its close of Rs 91.10 on 29 February 2016.

Bhel said it has achieved a significant milestone by successfully commissioning its first 700 megawatts (MW) supercritical therrnal unit at Bellary Thermal Power Project (TPP) in Karnataka. The new 700 MW rating unit has been developed by Bhel in line with market requirements. With the successful supply and execution of this 700 MW set, a new chapter has been added in the adoption and indigenous development of supercritical technology by Bhel. The order for the Bellary project of by Karnataka Power Corporation (KPCL) was won by Bhel through International Competitive bidding (ICB) on Engineering, Procurement and Construction (EPC) basis. Notably, this is the third unit commissioned by Bhel at Bellary, where two units of 500 MW supplied and executed by Bhel, are already in operation, the company said in a statement.

Bhel said it has already commissioned 6,716 MW in the current financial year.

Bhel reported net loss of Rs 1101.99 crore in Q3 December 2015 compared with net profit of Rs 212.60 crore in Q3 December 2014. Net sales declined 14% to Rs 5230.13 crore in Q3 December 2015 over Q3 December 2014.

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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