Bhel rose 1.22% to Rs 161.40 at 14:36 IST on BSE after the company said it won a contract worth Rs 321 crore for setting up a 206 megawatts hydro electric project in Punjab.
The company made the announcement during trading hours today, 26 February 2014.
Meanwhile, the BSE Sensex was up 118.55 points, or 0.57%, to 20,971.02.
On BSE, so far 2.76 lakh shares were traded in the counter, compared with an average volume of 7.36 lakh shares in the past one quarter.
The stock hit a high of Rs 162.45 and a low of Rs 160 so far during the day. The stock hit a 52-week high of Rs 210 on 28 February 2013. The stock hit a 52-week low of Rs 100.35 on 20 August 2013.
Also Read
The stock had underperformed the market over the past one month till 25 February 2014, sliding 3.42% compared with the Sensex's 1.33% fall. The scrip had, however, outperformed the market in past one quarter, rising 10.61% as against Sensex's 1.20% rise.
The large-cap company has an equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bhel said it has secured a prestigious contract for setting up a 206 megawatts (MW) hydro electric project (HEP) in the state of 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.
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, the company said in a statement.
Notably, the bids for the contract were invited by PSPCL through a global e-tendering process. With this order, the customer has once again reposed confidence in Bhel's proven technological excellence and capability in executing such hydro projects, the company said.
Located in Gurdaspur district of Punjab, in the plains near the Punjab and J&K border, the project shall be constructed on the canal from Shahpurkandi Barrage to Madhopur headworks, downstream of the existing Ranjit Sagar Dam. The water released by Ranjit Sagar Dam shall be utilised for generating power from this project. The project comprises seven hydro generating sets located in two Power Houses viz. Power House-I (3x33 MW) and Power House-II (3x33 MW + 1x8 MW). Bhel's scope of work in the contract envisages design, manufacture, supply, installation and commissioning of hydro generating sets and associated electro mechanical works, Bhel added.
While the hydro generating sets shall be supplied by Bhel's Bhopal unit, the transformers and control & monitoring system will be supplied by the company's Jhansi unit and electronics division, Bangalore, respectively. The erection & commissioning of the equipment shall be carried out by Bhel's Power Sector - Northern Region (PSNR).
For PSPCL, Bhel is also presently executing the electro-mechanical works for the 2x9 MW Mukerian HEP, wherein bulb turbine generating sets are being supplied. Significantly, Bhel has a share of 90% in the present hydro generating capacity of 1,145 MW of PSPCL, the company said.
So far, more than 500 hydro generating sets of various ratings have been contracted on Bhel in India and abroad, with a cumulative capacity of more than 26,000 MW, out of which, equipment for about 5,000 MW generating capacity has been contracted outside India.
Bhel has been committed to the nation's power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself by way of contemporary technology, state-of-the-art manufacturing facilities and skilled technical manpower. Significantly, the company has established the capability to deliver power plant equipment of 20,000 MW per annum, the company said.
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 at the end of Q3 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
