Bhel recovers on bargain hunting

Bharat Heavy Electricals rose 2.89% to Rs 169.15 at 11:41 IST on BSE, with the stock recovering on bargain hunting after a 5-day 8.33% slide.

Meanwhile, the S&P BSE Sensex was down 72.79 points or 0.35% at 20,714.51.

On BSE, so far 3.93 lakh shares were traded in the counter as against average daily volume of 7.34 lakh shares in the past one quarter.

The stock hit a high of Rs 170 and a low of Rs 163.50 so far during the day. The stock had hit a 52-week high of Rs 245.40 on 8 January 2013. The stock had hit a 52-week low of Rs 100.35 on 20 August 2013.

The stock had underperformed the market over the past one month till 6 January 2014, declining 4.06% compared with the Sensex's 1% fall. The scrip had, however, outperformed the market in past one quarter, jumping 14.21% as against Sensex's 4.38% rise.

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

Shares of Bharat Heavy Electricals (Bhel) had declined 8.33% in five trading sessions to settle at Rs 164.40 on Monday, 6 January 2014 from a recent high of Rs 179.35 on 30 December 2013.

Bhel's net profit fell 64.2% to Rs 455.95 crore on 15.2% decline in net sales to Rs 8819 crore in Q2 September 2013 over Q2 September 2012.

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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