Bharat Heavy Electricals rose 2.25% to Rs 165.70 at 13:15 IST on BSE, with the stock extending recent gains triggered by the company securing a contract worth Rs 321 crore for setting up a 206 megawatts hydro electric project in Punjab.
Meanwhile, the S&P BSE Sensex was up 79.16 points or 0.38% at 21,066.15.
On BSE, so far 2.50 lakh shares were traded in the counter as against average daily volume of 7.08 lakh shares in the past one quarter.
The stock hit a high of Rs 166 and a low of Rs 161.40 so far during the day. The stock had hit a 52-week high of Rs 210 on 28 February 2013. The stock had hit a 52-week low of Rs 100.35 on 20 August 2013.
The stock had underperformed the market over the past one month till 26 February 2014, sliding 1.85% compared with the Sensex's 0.69% fall. The scrip had, however, outperformed the market in past one quarter, advancing 9.6% as against Sensex's 2.75% rise.
The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Shares of Bharat Heavy Electricals (Bhel) have risen 3.91% in two trading sessions from Rs 159.45 on 25 February 2014 after the company during trading hours on Wednesday, 26 February 2014 said it has secured a contract worth Rs 321 crore for setting up a 206 megawatts (MW) hydro electric project in Punjab. The stock had risen 1.63% to Rs 162.05 on Wednesday, 26 February 2014. The stock market was closed on Thursday, 27 February 2014, on account of Mahashivratri.
Bhel said it has secured a prestigious contract for setting up 206 MW hydro electric project (HEP) in Punjab. Significantly, this is the first major order for electro-mechanical equipment, to be finalised by a government utility company in the current financial year, in the hydro sector, the company said in a statement.
Valued at Rs 321 crore, the order for setting up of Hydro Generating sets and associated Electro-Mechanical works for the 206 MW Shahpurkandi HEP has been placed on Bhel by Punjab State Power Corporation (PSPCL), as its offer was found techno-economically the best, Bhel said in a statement.
Bhel net profit fell 41.21% to Rs 694.81 crore on 15.41% decline in total income to Rs 8925.63 crore in Q3 December 2013 over Q3 December 2012.
Consequent to merger of Bharat Heavy Plates & Vessels (BHPV) with the company with effect from 30 August 2013, the financial results of HPVP unit (erstwhile BHPV) have been included in the above results. In view of this, figures for the current reporting period are not comparable with the figures in corresponding period of previous year, the company said in a statement.
Bhel has an outstanding order book position of about Rs 100600 crore as on 31 December 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.
Powered by Capital Market - Live News
