Bhel gains after commissioning unit of thermal power project

Bharat Heavy Electricals rose 0.11% to Rs 135.70 at 13:45 IST on BSE after the company said that it has commissioned yet another 660 megawatts coal based supercritical thermal power plant in Uttar Pradesh.

The announcement was made during market hours today, 10 October 2016.

Shares of Jaiprakash Power Ventures fell 3.22%.

Meanwhile, the BSE Sensex was up 51.66 points, or 0.18%, to 28,112.80.

On BSE, so far 4.14 lakh shares were traded in the counter of Bharat Heavy Electricals, compared with average daily volume of 10.57 lakh shares in the past one quarter. The stock hit a high of Rs 136.55 and a low of Rs 134.95 so far during the day. The stock hit a 52-week high of Rs 219.70 on 27 October 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 7 October 2016, falling 15.18% compared with 2.99% fall in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 3.21% as against Sensex's 3.16% rise.

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

Bharat Heavy Electricals (Bhel) said that the commissioning of the unit will result in significant improvement of electricity availability in the state of Uttar Pradesh. The project is owned by Prayagraj Power Generation Company (PPGCL), a subsidiary company of Jaiprakash Power Ventures. This is the second unit of the project to be commissioned. The first unit was commissioned earlier by Bhel in December 2015 and the third unit of the project is in an advanced stage of construction. Bhel's scope in the project consisted of design, engineering, manufacture, supply, erection and commissioning of the boiler and turbine-generator (BTG) package.

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