Bhel electrifies after setting record date for bonus issue

Bharat Heavy Electricals rose 1.17% to Rs 129.30 at 9:25 IST on BSE after the company announced that it has fixed 30 September 2017 as the record date for the purpose of issuance of 1:2 bonus issue.

The announcement was made after market hours on Friday, 8 September 2017.

The company's board at the time of announcement of Q1 results on 10 August 2017 had recommended 1:2 bonus issue.

Meanwhile, the S&P BSE Sensex was up 168.02 points or 0.53% at 31,855.54.

On the BSE, 13,123 shares were traded on the counter so far as against the average daily volumes of 6.48 lakh shares in the past one quarter. The stock had hit a high of Rs 129.70 and a low of Rs 128 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 stock had underperformed the market over the past one month till 8 September 2017, falling 5.19% compared with 1.02% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.59% as against Sensex's 1.52% rise. The scrip had also underperformed the market in past one year, declining 18.52% as against Sensex's 9.1% rise.

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

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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