Bhel gains after ratings agency revises outlook

Bharat Heavy Electricals rose 1.81% to Rs 84.40 at 13:54 IST on BSE after ratings agency Ind-Ra revised its outlook on the company to stable from negative.

The announcement was made after market hours yesterday, 28 September 2017.

Meanwhile, the S&P BSE Sensex was up 208.15 points, or 0.67% to 31,490.63.

On the BSE, 8.29 lakh shares were traded in the counter so far, compared with average daily volumes of 8.40 lakh shares in the past two weeks. The stock had hit a high of Rs 84.80 and a low of Rs 83.20 so far during the day.

Rating agency Ind-Ra revised Bharat Heavy Electricals (Bhel)'s outlook to stable from negative while affirming the rating for bank facilities at IND AA+.

Fund-based working capital limits was rated as IND AA+/Stable/ IND A1+. Non-fund based working capital limits were rated IND AA+/Stable/ IND A1+.

Bhel's net profit rose 3.9% to Rs 80.82 crore on 2.4% decline in net sales to Rs 5380.60 crore in Q1 June 2017 over Q1 June 2016.

Bhel is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing companies of its kind 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. The Government of India holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2017).

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