Bhel gains after winning orders

Bharat Heavy Electricals rose 2.04% to Rs 137.40 at 14:30 IST on BSE after the company said it secured two renovation & modernization contracts of hydro electric plants.

The announcement was made during trading hours today, 3 October 2016.

Meanwhile, the BSE Sensex was up 363.57 points, or 1.30%, to 28,229.53

On BSE, so far 8.22 lakh shares were traded in the counter, compared with average daily volume of 10.96 lakh shares in the past one quarter. The stock hit a high of Rs 137.90 and a low of Rs 135.30 so far during the day. The stock hit a 52-week high of Rs 219.70 on 27 October 2015. The stock hit a 52-week low of Rs 90.40 on 29 February 2016.

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

Bharat Heavy Electricals (Bhel) said it has achieved another milestone in its services business by securing two Renovation & Modernization (R&M) contracts of Hydro Electric Plants (HEPs). Against stiff international competition, the company has won prestigious orders worth around Rs 430 crore, for the R&M of the 6x60 megawatts (MW) Balimela HEP of Odisha Hydro Power Corporation (OHPC) and the 3x60 MW Bairasiul HEP of National Hydro Power Corporation (NHPC).

The units at both Balimela and Bairasiul have been in operation for over 35 years and the R&M of these units will result in restoration of output capacity, improvement in efficiency and reduction in auxiliary power consumption, in addition to leading to better plant availability. Bhel's scope of work in the orders envisages design, engineering, manufacturing, supply, dismantling, erection, testing and commissioning of critical parts of turbines, generators, governors, controls & instrumentation, protection and balance of plant (BoP). Major equipment for these contracts will be manufactured and supplied by BHEL's plants at Bhopal, Jhansi and Bengaluru.

Bharat Heavy Electricals (Bhel)'s net profit jumped 54.2% to Rs 77.77 crore on 29% growth in net sales to Rs 5522.76 crore in Q1 June 2016 over Q1 June 2015.

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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