Bhel gains on buyback plan

Bharat Heavy Electricals rose 1.76% to Rs 75.05 at 9:45 IST on BSE after the company said its board will meet on 25 October 2018 to consider the proposal for buyback of the fully paid-up equity shares.

The announcement was made after market hours yesterday, 22 October 2018.

Meanwhile, the S&P BSE Sensex was down 218.98 points, or 0.64% to 33,915.40.

On the BSE, 1.48 lakh shares were traded in the counter so far compared with average daily volumes of 4.92 lakh shares in the past two weeks. The stock had hit a high of Rs 75.30 and a low of Rs 74.25 so far during the day. The stock hit a 52-week high of Rs 108 on 23 January 2018. The stock hit a 52-week low of Rs 64.50 on 17 July 2018.

Bharat Heavy Electricals (Bhel)'s net profit rose 92.50% to Rs 155.58 crore on 7.6% increase in net sales to Rs 5790.08 crore in Q1 June 2018 over Q1 June 2017.

Bhel is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing companies of its kind in India.

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