Bhel gains after winning contract from NHPC

Bharat Heavy Electricals rose 0.34% to Rs 148 at 10:20 IST on BSE after NHPC awarded a contract worth Rs 132.74 crore to the company.

The announcement was made by NHPC after market hours on Monday, 12 September 2016. Stock market remained closed yesterday, 13 September 2016 on account of holiday. Shares of NHPC rose 2.15% to Rs 26.15.

Meanwhile, the S&P BSE Sensex was down 34.65 points or 0.12% at 28,311.15.

On BSE, so far 2.05 lakh shares were traded in the Bharat Heavy Electricals' counter as against average daily volume of 9.98 lakh shares in the past one quarter. The stock hit a high of Rs 149.40 and a low of Rs 147.55 so far during the day. The stock had hit a 52-week high of Rs 219.70 on 27 October 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 6.65% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 19.29% as against Sensex's 6.45% rise.

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

The contract awarded to Bharat Heavy Electricals (Bhel) by NHPC is for renovation and modernization of 180 megawatts Baira Siul Power Station in Himachal Pradesh. The scope of the contract agreement signed by NHPC with Bhel includes electromechanical works packages comprising supply, erection, commissioning of turbines and accessories and dismantling of existing system.

Meanwhile, shares of Bhel turned ex-dividend today, 14 September 2016, for final dividend of Rs 0.40 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.27% based on the closing price of Rs 147.50 on Monday, 12 September 2016.

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).

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