Bhel gains after renovating Muzaffarpur power station in Bihar

Bharat Heavy Electricals rose 1% to Rs 247.50 at 9:26 IST on BSE after the company said it successfully carried out the renovation and modernisation of the 100 megawatts unit 2 of the Muzaffarpur Thermal Power Station in Bihar.

The announcement was made after market hours on Tuesday, 11 November 2014.

Meanwhile, the BSE Sensex was up 118.52 points, or 0.42%, to 28,028.58.

On BSE, so far 37,000 shares were traded in the counter, compared with an average volume of 6 lakh shares in the past one quarter.

The stock hit a high of Rs 248.25 and a low of Rs 245.30 so far during the day. The stock hit a 52-week high of Rs 291.50 on 26 May 2014. The stock hit a 52-week low of Rs 131.05 on 13 November 2013.

The stock had outperformed the market over the past one month till 11 November 2014, rising 10.96% compared with 6.13% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.41% as against Sensex's 9.37% rise.

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

Bharat Heavy Electricals (Bhel) said it successfully renovated and modernized (R&M) unit-2 (110 megawatts) at Muzaffarpur Thermal Power Station (TPS) Plant of Kanti Bijlee Utpadan Nigam (KBUNL - a Joint Venture of NTPC and BSPGCL) in Bihar, the company said in a statement.

Following the successful R&M, the unit has been running on full capacity, ensuring addition of 110 megawatts (MW) to the state of Bihar. The unit was originally supplied and commissioned by Bhel in March 1986.

With this, the working life of the machine has been extended by another 15-20 years. This follows the successful completion of R&M work of Unit-I at Muzaffarpur TPS, which was commissioned in September 2013 by Bhel and was dedicated to the state by the Chief Minister of Bihar in November 2013, the company said.

Bhel's net profit fell 58.42% to Rs 193.50 crore on 21.35% decline in total income to Rs 5502.76 crore in Q1 June 2014 over Q1 June 2013. The company will announce Q2 results on 14 November 2014.

The company's outstanding order book stood at about Rs 97400 crore as on 30 June 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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