Meanwhile, the BSE Sensex was down 10.32 points, or 0.04%, to 28,967.70.
On BSE, so far 3.59 lakh shares were traded in the counter, compared with average daily volume of 8.03 lakh shares in the past one quarter. The stock hit a high of Rs 138.25 and a low of Rs 134.50 so far during the day. The stock hit a 52-week high of Rs 219.70 on 27 October 2015. The stock hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had underperformed the market over the past 30 days till 6 September 2016, falling 1.25% compared with 2.82% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.96% as against Sensex's 7.24% rise.
The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bhel said that India Ratings and Research has, simultaneously, removed all ratings from Rating Watch Negative (RWN) and a Negative Outlook has been assigned to all Longterm ratings. The removal of RWN follows the completion of the ongoing evaluation of Bhel's key business parameters.
According to statement issued by India Ratings and Research, decline in Bhel's revenue, slowmoving projects in the company's order book, earnings before interest, taxes, depreciation and amortization (EBITDA) margins turning negative and high debtors days led to downgrade of the company's ratings.
Bhel's net profit fell 59.5% to Rs 359.58 crore on 20.8% fall in net sales to Rs 9792.04 crore in Q4 March 2016 over Q4 March 2015.
Bhel is engaged in the design, engineering, manufacture, construction and testing of a wide range of products and services for power plants, transmission systems, transportation works, renewable energy units, oil and gas facilities and defence services. The company operates 17 manufacturing facilities and two repair units with a total manufacturing (As on 1 September 2016) capacity of 20,000 megawatts.
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