Bhel powers ahead after commissioning steam turbine-based power plant at Hazira

Bharat Heavy Electricals rose 1.04% to Rs 125.80 at 13:47 IST on BSE, after the company said it has commissioned a 93 MW steam turbine-based captive power plant for Reliance Industries at Hazira in Gujarat.

The announcement was made during market hours today, 23 November 2016.

Meanwhile, the S&P BSE Sensex was up 94.29 points or 0.36% at 26,055.07

On BSE, so far 23.33 lakh shares were traded in the counter as against average daily volume of 10.39 lakh shares in the past one quarter. The stock hit a high of Rs 126.35 and a low of Rs 122.60 so far during the day. The stock had hit a 52-week high of Rs 179 on 23 November 2015. The stock had 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 that this is the second unit of the 4x93 megawatts (MW) steam turbine-based captive power plant (CPP) being set up by the company for Reliance Industries (RIL) at Hazira. The company is also setting up a 3x93 MW steam turbine-based CPP at Dahej in Gujarat for RIL, Bhel said. The CPPs are being set up to meet the power requirements of RIL's refinery projects at Hazira and Dahej, the company said. With the commissioning of the second unit at Hazira, Bhel has so far commissioned two units each at the Hazira and Dahej projects. The remaining three units are also planned for commissioning during the current financial year, it said.

Bhel reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Net sales rose 12.1% to Rs 6550.77 crore in Q2 September 2016 over Q2 September 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 September 2016).

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