On a consolidated basis, Bharat Heavy Electricals (BHEL) reported a net loss of Rs 893.14 crore in Q1 June 2020, higher than net loss of Rs 218.93 crore in Q1 June 2019.
Consolidated net sales tanked 57% to Rs 1,896.57 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 1,192.40 crore in Q1 June 2020, higher than pre-tax loss of Rs 346.65 crore in Q1 June 2019. The Q1 earnings were announced after trading hours yesterday, 11 September 2020.
BHEL, in its regulatory filing, stated that its operations and financial results for the quarter have been very adversely impacted by the lockdown imposed to contain the spread of COVID-19. However, the operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain.
Shares of BHEL closed flat at Rs 37.05. The scrip grew 92.96% from its 52-week low of Rs 19.20 hit on 25 March 2020.
On the technical front, the stock's RSI (relative strength index) stood at 45.310 as on Friday, 11 September 2020. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was between its 50-day moving average (DMA) placed at 38.35 and its 200-day moving average (DMA) placed at 34.81.
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 30 June 2020, the Government of India holds 63.17% stake in the company.
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