BHEL gains on MoU with Rosoboronexport

Bharat Heavy Electricals (BHEL) rose 1.15% to Rs 52.60 after the company said that it signed a memorandum of understanding (MoU) with JSC Rosoboronexport yesterday (26 August 2021).

JSC Rosoboronexport is the sole state intermediary agency for Russia's exports/imports of defense-related and dual use products, technologies and services.

The MoU aims to co-operate and implement possible joint projects and activities with BHEL for joint production of spare parts and components for Russian-origin equipment installed onboard the Indian Navy aircraft carrier "Vikramaditya" and maintenance of systems and equipment of aircraft carrier "Vikramaditya and on other issues of mutual interest.

State-run BHEL is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services to the core sectors of economy. As of 31 March 2021, the Government of India held 63.17% stake in the company.

On a consolidated basis, BHEL reported net loss of Rs 1,034.82 crore in Q4 FY21, lower than net loss of Rs 1,532.67 crore in Q4 FY20. Net sales rose 47% to Rs 6,751.88 crore in Q4 FY21 over Q4 FY20.

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