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BHEL rises on signing MoU with Russia's Rosoboronexport

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Bharat Heavy Electricals (BHEL) advanced 2.06% to Rs 37.10 after the company said it signed a pact with Russia's Rosoboronexport.

BHEL said it signed a memorandum of understanding (MOU) with Joint Stock Company Rosoboronexporr, Russia during the 5th India Russia Military Industrial conference held in Lucknow. The aim of the MOU is to cooperate and undertake joint projects and operations for defence systems. This will help in leveraging BHEL's strength/capabilities in the defence sector in association with Russian original equipment manufacturers (OEMs) under the 'Make in India' initiative and offer indigenous support and solutions to the Indian Defence Forces.

JSC Rosoboronexport is the sole state intermediary agency for Russia's exports/imports of defense-related and dual use products, technologies and services. The announcement was announced after market hours yesterday, 12 February 2020.

In the past one year, the stock tumbled 39.77% to its current market price of Rs 37.10. The scrip hovered in the range of Rs 36.25 to Rs 37.30 so far.

On the technical front, the stock's RSI (relative strength index) stood at 31.143. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

BHEL's consolidated net profit dropped 17.2% to Rs 162.67 crore in Q3 December 2019 (Q3 FY20) as against Rs 196.48 crore reported in Q3 December 2018 (Q3 FY19). Net sales slumped 23.3% year-on-year (Y-o-Y) to Rs 5,459.24 crore in Q3 FY20. Bharat Heavy Electricals (BHEL) declared its Q3 figures post trading hours on Tuesday, 11 February 2020.

BHEL is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors, such as power, transmission, industry, transportation, renewable energy, oil and gas, and defense.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 13 2020. 13:44 IST