Bhel gains after commissioning thermal unit in Telangana

Bharat Heavy Electricals rose 0.21% to Rs 119.55 at 13:52 IST on BSE after the company said that it has commissioned one more 600 megawatts (MW) coal based thermal power plant in Telangana.

The announcement was made during market hours today, 29 December 2016.

Meanwhile, the BSE Sensex was up 54.47 points, or 0.21%, to 26,265.15.

On the BSE, so far 1.82 lakh shares were traded in the counter, compared with average daily volumes of 6.91 lakh shares in the past one quarter. The stock had hit a high of Rs 120.35 and a low of Rs 118.65 so far during the day.

The stock hit a 52-week high of Rs 175 on 6 January 2016. The stock hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had underperformed the market over the past 30 days till 28 December 2016, falling 7.84% compared with the 0.69% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 10.37% as against Sensex's 5.81% decline.

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

The unit was commissioned at the 1200 MW Singareni Thermal Power Project (TPP) in Telangana. The project has been developed by Singareni Collieries Company (SCCL), India's second largest coal mining company. This is the second 600 MW commissioned by Bhel at Singareni TPP. The first unit was earlier commissioned in March 2016, Bharat Heavy Electricals (Bhel) said in a statement.

Bhel reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Net sales rose 12.1% to Rs 6550.77 crore in Q2 September 2016 over Q2 September 2015.

State-run Bhel is an integrated power plant equipment manufacturer and an engineering and manufacturing company 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, transportation (railways), renewable energy, oil & gas, water and defence with over 180 products offerings. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 September 2016).

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