Bhel spurts after reports of bagging rolling stock contract for bullet train

Bharat Heavy Electricals spurted 5.7% to Rs 140.10 at 13:35 IST on BSE after report suggested that the company and Kawasaki will make rolling stock for the country's first bullet train from Ahmedabad to Mumbai.

Meanwhile, the S&P BSE Sensex was up 31.03 points or 0.1% at 32,223.65.

Huge volumes were witnessed on the counter. On the BSE, 35.35 lakh shares were traded on the counter so far as against the average daily volumes of 4.32 lakh shares in the past one quarter. The stock had hit a high of Rs 145.80 and a low of Rs 132.25 so far during the day. The stock had hit a 52-week high of Rs 182.65 on 25 April 2017 and a 52-week low of Rs 116.15 on 27 December 2016.

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

Prime Minister Narendra Modi and Japanese PM Shinzo Abe laid the foundation stone for Rs 1.1 lakh crore bullet train project today, 14 September 2017.

Railways Minister Piyush Goyal said that PM Modi wants the train to start a year ahead of schedule, on 15 August 2022, when India completes 75 years of Independence.

Bharat Heavy Electricals' net profit rose 3.9% to Rs 80.82 crore on 2.4% decline in net sales to Rs 5380.60 crore in Q1 June 2017 over Q1 June 2016.

The Government of India holds 63.06% stake in Bhel (as per the shareholding pattern as on 31 March 2017).

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