Bhel gains after winning order

Bharat Heavy Electricals rose 2.11% to Rs 225.35 at 11:50 IST on BSE after the company said it won a Rs 3536 crore contract from Gujarat State Electricity Corporation for setting up a supercritical thermal power project in Gujarat.

The announcement was made during trading hours today, 18 September 2014.

Meanwhile, the BSE Sensex was up 308.40 points, or 1.16%, to 26,939.69.

On BSE, so far 2.79 lakh shares were traded in the counter, compared with an average volume of 5.97 lakh shares in the past one quarter.

The stock hit a high of Rs 226.25 and a low of Rs 218.65 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 126.40 on 18 September 2013.

The stock had outperformed the market over the past one month till 17 September 2014, rising 3.83% compared with 2.02% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 10.99% as against Sensex's 4.35% 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 bagged a prestigious contract for setting up a supercritical thermal power project on EPC (engineering, procurement & construction) basis from Gujarat State Electricity Corporation (GSECL).

Valued at around Rs 3536 crore, the order for setting up a 1x800 megawatts (MW) coal-fired supercritical thermal unit at Wanakbori in Kheda district of Gujarat, has been won by Bhel against international competitive bidding, the company said.

Bhel's scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing and commissioning for the EPC package comprising 1x800 MW supercritical set. The key equipment for the contract will be manufactured at Bhel's Trichy, Haridwar, Bhopal, Ranipet, Hyderabad, Bangalore and Jhansi plants, with the company's Power Sector - Western Region to be responsible for civil works and erection / commissioning of the equipment, Bhel 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'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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