Bhel moves higher on reports of securing power project in Bangladesh

Bharat Heavy Electricals rose 3.83% to Rs 143.60 at 12:04 IST on BSE on reports Bangladesh-India Friendship Power Company inked the deal with the company for constructing the super thermal plant at Bangladesh's southwestern Rampal near the Sundarbans

Meanwhile, the S&P BSE Sensex was down 15.67 points or 0.06% at 27,792.47.

On BSE, so far 12.17 lakh shares were traded in the counter as against average daily volume of 8.39 lakh shares in the past one quarter. The stock hit a high of Rs 146.85 and a low of Rs 139 so far during the day. The stock had hit a 52-week high of Rs 289.85 on 21 July 2015. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past one month till 12 July 2016, surging 11.85% compared with the Sensex's 4.4% rise. The scrip had, however, underperformed the market in past one quarter, advancing 8.77% as against Sensex's 10.59% rise.

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

According to reports, Bangladesh and India yesterday, 12 July 2016 signed a landmark deal for the construction of a 1,320 megawatt coal fired power plant, the biggest project under bilateral cooperation that would mark the transition from electricity export to generation level. Bangladesh-India Friendship Power Company (BIFPCL), the joint venture enterprise inked the deal with Bharat Heavy Electricals (Bhel), which was selected under an open international tender for constructing the super thermal plant at Bangladesh's southwestern Rampal near the Sundarbans, reports suggested. India's Exim Bank will provide $1.49 billion for the project, scheduled to start generating power in 2019, as per reports.

Bhel's net profit fell 59.5% to Rs 359.58 crore on 20.8% fall in net sales to Rs 9792.04 crore in Q4 March 2016 over Q4 March 2015.

State-run Bharat Heavy Electricals (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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