Bhel gains on robust project commissioning

Bhel rose 2.75% to Rs 207.60 at 13:22 IST on BSE after the company announced quantum jump in project commissioning.

The announcement was made during trading hours today, 12 October 2015.

Meanwhile, the BSE Sensex was down 5.64 points, or 0.02%, to 27,073.87.

On BSE, so far 4.02 lakh shares were traded in the counter, compared with an average volume of 4.97 lakh shares in the past one quarter.

The stock hit a high of Rs 208.50 and a low of Rs 201.70 so far during the day. The stock hit a 52-week high of Rs 299.50 on 4 February 2015. The stock hit a 52-week low of Rs 192.10 on 29 September 2015.

The stock had underperformed the market over the past one month till 9 October 2015, sliding 5.07% compared with 5.29% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 23.57% as against Sensex's 1.79% decline.

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 commissioned 2,730 megawatts (MW) of utility power projects in the first half of the current financial year (2015-16). This is the highest achievement in the corresponding period in last 4 years. It is also more than double the power project commissioning achievement of 1,167 MW in the corresponding period of last year.

In addition to the 2,730 MW utility sets commissioned during this period in the country, power generation has also commenced from the Bhel-supplied 660 MW unit at Lalitpur TPS in Uttar Pradesh. Significantly, the eleven utility sets commissioned by Bhel have been at projects spread all over India. Projects in the North include two units each of 200 MW at Koldam Hydro Electric Project (HEP) in Himachal Pradesh and four units each of 82.5 MW at Shrinagar HEP in Uttarakhand. Also, 2 thermal sets of 500 MW each, one at Anpara in Uttar Pradesh & another at Vindhyachal in Madhya Pradesh have been commissioned during the year. The 660 MW Lalitpur unit which has been synchronized 3 months ahead of schedule, was recently inaugurated. Notably, this is the first supercritical set to be commissioned in Uttar Pradesh, the company said in a statement.

Bhel also commissioned the 250 MW Bongaigaon Unit-1 in Assam, which is the highest rating coal based set in North-East India. In the Southern state of Tamil Nadu, BHEL commissioned the 500 MW Tuticorin-2 and in Western India, the company has commissioned the 250 MW Unit-4 at Sikka TPS in Gujarat. The hydro sets commissioned by Bhel in the first two quarters total to 730 MW which is nearly the same as the total hydro capacity added in the country during the last financial year 2014-15. In addition to the domestic utility sets commissioned/synchronized, 125 MW of overseas projects and 330 MW of captive power plants were also commissioned by Bhel during this period.

Significantly, in 2014-15, Bhel exceeded the commissioning target set by government for it by 19%, it said.

Bhel's net profit dropped 82.48% to Rs 33.89 crore on 15.5% decline in net sales to Rs 4280.76 crore in Q1 June 2015 over Q1 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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