Bharat Heavy Electricals rose 2.24% to Rs 86.70 at 14:05 IST on BSE after the company said that the execution of the 4,000 megawatts Yadadri Supercritical Thermal Power Project has commenced.
The announcement was made during market hours today, 23 October 2017.Meanwhile, the S&P BSE Sensex was up 10.19 points, or 0.03% to 32,400.15
On the BSE, 10.34 lakh shares were traded in the counter so far, compared with average daily volumes of 5.62 lakh shares in the past one quarter. The stock had hit a high of Rs 88.85 and a low of Rs 84 so far during the day. The stock had hit a 52-week high of Rs 121.77 on 25 April 2017 and a 52-week low of Rs 77.43 on 27 December 2016.
The stock had underperformed the market over the past one month till 19 October 2017, falling 5.01% compared with 0.03% decline in the Sensex. The scrip had underperformed the market in past one quarter, sliding 12.33% as against Sensex's 1.13% rise. The scrip had also underperformed the market in past one year, declining 10.48% as against Sensex's 15.14% rise.
The large-cap company has equity capital of Rs 734.28 crore. Face value per share is Rs 2.
Bhel said that the execution of the 4,000 megawatts (MW) Yadadri Supercritical Thermal Power Project (TPP), ordered on the company by Telangana State Power Generation Corporation (TSGENCO), has commenced with the issuance of revised Letter of Intent (LoI) by TSGENCO. Valued at approximately Rs 20,400 crore, the order for Yadadri TPP, comprising five units of 800 MW supercritical sets, is not only the single-largest order for Bhel but also the highest value order ever placed in the power sector in India.
The project has been accorded environmental clearance by the Ministry of Environment, Forest and Climate Change (MoEF&CC) and would be compliant with the revised emission norms, Bhel said. To be set up on Engineering, Procurement and Construction (EPC) basis by Bhel, the project is located at Damaracherla in Nalgonda district of Telangana. The Yadadri project will lead to a quantum jump in the company's executable outstanding order book and will help the company to enhance its growth momentum.
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Bhel's net profit rose 3.9% to Rs 80.82 crore on 2.4% decline in net sales to Rs 5380.60 crore in Q1 June 2017 over Q1 June 2016.
Bhel is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing companies of its kind in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy. The Government of India holds 63.06% stake in Bhel (as per the shareholding pattern as on 30 September 2017).
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