Bhel soars on buzz Govt may pare stake

Bharat Heavy Electricals (Bhel) jumped 26.15% to Rs 56.20 after media reports suggested that the government may reduce stake in the company.

Media reported that the government may consider bringing down its stake in Bhel in tranches to 26% from 63.17% now.

A group of secretaries will reportedly meet today, 18 October 2019, to consider cutting the government's holding below 51% in at least eight public-sector companies.

Meanwhile, the S&P BSE Sensex was up 217 points or 0.56% to 39269.02.

On the BSE, 94.07 lakh shares were traded in the counter so far compared with average daily volumes of 21.22 lakh shares in the past two weeks. The stock hit a high of Rs 57.6 and a low of Rs 49 so far during the day.

The stock hit a 52-week high of Rs 78.75 on 16 Apr 2019. The stock hit a 52-week low of Rs 41.35 on 16 Oct 2019.

Bhel declares its Q2 September 2019 earnings on 13 November 2019.

On a consolidated basis, Bhel reported net loss of Rs 217.72 crore in Q1 June 2019 compared with net profit of Rs 40.69 crore in Q1 June 2018. Net sales declined 23.9% to Rs 4,411.09 crore in Q1 June 2019 over Q1 June 2018.

Bhel is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors.

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