Bhel rose 0.55% to Rs 128.05 at 9:18 IST on BSE after the company said that its shareholders have approved the proposals to issue bonus shares and make a dividend payout.
The announcement was made after market hours yesterday, 25 September 2017.Meanwhile, the S&P BSE Sensex was up 38.41 points, or 0.12% to 31,665.04.
On the BSE, 45,000 shares were traded in the counter so far, compared with average daily volumes of 11.14 lakh shares in the past two weeks. The stock had hit a high of Rs 129 and a low of Rs 127.75 so far during the day.
State-run power equipment maker Bhel has received shareholders' approval for the proposal to issue 1 new equity bonus share for every 2 existing shares.
The proposal to issue bonus share was listed on the agenda for annual general meeting held on 22 September, 2017, which was passed by the requisite majority, Bharat Heavy Electricals (Bhel) said in a BSE filing.
The shareholder have also approved the proposal to give a final dividend of 39%. With this, the total dividend for the year 2016-2017 will stand at 79%.
Bharat Heavy Electricals' 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.
The Government of India holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 June 2017).
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