Bharat Heavy Electricals (Bhel) jumped 5.7% to Rs 120.50 at 14:20 IST on BSE after the company said it has recorded the highest-ever commissioning of projects in its history and the highest order booking in the last five years in FY 2016.
The announcement was made during market hours today, 7 April 2016.Meanwhile, the S&P BSE Sensex was down 236.47 points or 0.93% at 24,773.36.
High volumes were witnessed on the counter. On BSE, so far 40.69 lakh shares were traded in the counter as against average daily volume of 10.18 lakh shares in the past one quarter. The stock hit a high of Rs 121.30 and a low of Rs 112.75 so far during the day. The stock hit a 52-week high of Rs 289.85 on 21 July 2015. The stock hit a 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past one month till 6 April 2016, rising 6.29% compared with 1.03% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 31.08% as against Sensex's 1.99% decline.
The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bhel said that it has closed the financial year ended 31 March 2016 (FY 2016) with significant traction in growth drivers. Enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during FY 2016. The capacity addition of domestic utility sets is 23% higher than the target set by the government for the company. With this, it has already achieved 94% of the capacity addition target for the XII Plan in first 4 years itself. Despite intense competitive pressure in the power and capital goods markets during the year,
Bhel's orders inflow, on a provisional basis, surged 41.9% to Rs 43727 crore in FY 2016 over FY 2015. This comprises orders worth Rs 38529 crore in the power segment and Rs 5125 crore in the Industry segment. The company ended FY 2016 with a total order book of over Rs 1.1 lakh crore. Focus on increased localization of supercritical technology, higher technology depth, and design optimization enabled the company to enhance its competitiveness and strengthen its leadership in the power plant & associated equipment segment of the Indian utility market. While operating in a difficult business environment, the company enhanced its market share to a significant 74%, thereby retaining its market leadership position during FY 2016.
On a provisional basis, Bharat Heavy Electricals (Bhel) reported net loss of Rs 877 crore in the year ended 31 March 2016 (FY 2016) as compared with net profit of Rs 1419 crore in the year ended March 2015 (FY 2015). Turnover declined 13.71% to Rs 26702 crore in the year ended March 2016 (FY 2015) over the year ended March 2015 (FY 2015). The performance during FY 2016 was impacted mainly due to continued subdued business environment, resulting in reduced level of operations and non-lifting of hold in most of the stranded projects. Bhel announced flash results for the year ended 31 March 2016 (FY 2016) earlier during market hours today, 7 April 2016.
The company's continued focus on cash realisation during FY 2016 has resulted in a cash surplus situation. The rising trend of debtors has also been arrested, company added.
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Bhel considers 'Make in India' as an inflexion point to significantly scale up and diversify its business mix. New opportunities are emerging in defence, railways, solar and also in the conventional power sector - most importantly with a focus on enhancing technology depth. The company is building new capabilities and exploring new business models to take advantage of emerging big-ticket opportunities and is confident of regaining the growth momentum in the near future.
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.
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