PGCIL gains, Bhel declines on Sensex rejig

Shares of Power Grid Corporation of India rose and Bharat Heavy Electricals declined at 10:36 IST on BSE as the former is set to replace the latter from the 30-share S&P BSE Sensex with effect from 20 June 2016.

Power Grid Corporation of India (PGCIL) (up 1.87% at Rs 147.05) edged higher. Bharat Heavy Electricals (Bhel) (down 0.63% at Rs 118.50) edged lower.

Meanwhile, the S&P BSE Sensex was almost unchanged at 25,302.24.

As part of the semi-annual reconstitution of S&P BSE Indices, the Bombay Stock Exchange (BSE) in a circular dated Friday, 20 May 2016, announced that PGCIL will replace Bhel from the 30-share Sensex with effect from 20 June 2016.

Bhel reported net loss of Rs 1101.99 crore in Q3 December 2015 compared with net profit of Rs 212.60 crore in Q3 December 2014. Net sales declined 14% to Rs 5230.13 crore in Q3 December 2015 over Q3 December 2014.

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.

PGCIL's net profit rose 31.3% to Rs 1613.12 crore on 23.1% growth in net sales to Rs 5359.62 crore in Q3 December 2015 over Q3 December 2014.

PGCIL is an electric power transmission utility company. As per the shareholding pattern, the Government of India holds 57.9% stake in the firm as at 31 March 2016.

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