Bharat Heavy Electricals rose 2.07% to Rs 273.40 at 12:13 IST on BSE after the company bagged a contract worth Rs 1202 crore from Karnataka Power Corporation for setting up a combined cycle power plant in Karnataka on EPC basis.
The company made announcement during market hours today, 15 January 2015.
Meanwhile, the S&P BSE Sensex was up 600.15 points or 2.19% at 27,946.97
On BSE, so far 3.68 lakh shares were traded in the counter as against average daily volume of 5.30 lakh shares in the past one quarter.
The stock hit a high of Rs 275.70 and a low of Rs 267.20 so far during the day. The stock hit a 52-week high of Rs 291.50 on 26 May 2014. The stock hit a 52-week low of Rs 145.75 on 14 February 2014.
The stock had outperformed the market over the past one month till 14 January 2015, rising 8.44% compared with 0.01% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 18.65% as against Sensex's 3.79% rise.
The large-cap electric equipment manufacturer has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bharat Heavy Electricals (Bhel) said the company has bagged a contract worth Rs 1202 crore from Karnataka Power Corporation for setting up a combined cycle power plant in Karnataka on engineering, procurement and construction (EPC) basis, involving supply and commissioning of a fuel-efficient state-of-the-art advanced-class gas turbine (GT). Significantly, with this order, Bhel has contracted 242 GTs including 22 advanced-class GTs. Bhel said that another 3,100 megawatts of projects are presently under construction by the company at Bellary, Yeramarus and Edlapur in Karnataka.
Bhel's scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing & commissioning of the EPC Package comprising an advanced-class GT-based combined cycle power plant. Bhel said that the key equipment for the contract will be manufactured at the company's Hyderabad, Trichy, Haridwar, Bhopal and Jhansi plants, while its Power Sector - Southern Region shall execute the civil works and erection & commissioning of the equipment.
Bhel's net profit fell 72.6% to Rs 124.84 crore on 33.1% decline in total income to Rs 6340.14 crore in Q2 September 2014 over Q2 September 2013.
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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