Bhel rose 4.75% to Rs 281 at 14:40 IST on BSE after the company said it signed a pact with an Indonesian firm to set up power plant in the region.
The company made the announcement on Monday, 19 May 2014.
Meanwhile, the BSE Sensex was up 71.82 points, or 0.29%, to 24,434.87.
On BSE, so far 28.62 lakh shares were traded in the counter, compared with an average volume of 26.15 lakh shares in the past one quarter.
The stock hit a high of Rs 287.80 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 259.10 so far during the day. The stock hit a 52-week low of Rs 100.35 on 20 August 2013.
The stock had outperformed the market over the past one month till 19 May 2014, rising 48.16% compared with 7.66% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 78.12% as against Sensex's 17.57% rise.
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The large-cap company has an equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bhel said it has signed a Memorandum of Understanding (MoU) with PT Star Vyobros, Indonesia for setting up a 200 megawatts (MW) Coal fired power plant in the Sulawesi region in Indonesia. Financial details of the MoU were not divulged by the company.
The MoU was signed in a ceremony held in Jakarta, Indonesia by Mr. P. K. Uppal Executive Director, (International Operations) Bhel and Mr. Edi Yosfi, President Director, PT Star Vyobros in the presence of Ambassador of India to Indonesia, ASEAN and Timor Leste, H.E. Mr. Gurjit Singh, Bhel said in a statement.
Bhel has earlier signed one more MoU with PT APAC INTI, Indonesia for setting up a 25 MW - 30 MW Solar Photovoltaic based power plant in the Java region in Indonesia.
In Indonesia, Bhel is presently executing a coal-fired power plant for PT CKP, besides having commissioned two more coal-fired power plants in recent years. The signing of these MoUs reinforces Bhel's commitment to provide reliable EPC solutions to the power requirements of South East Asian countries. More than $3 billion worth of export projects in 20 countries are presently being executed by Bhel and about 10,000 MW of power generation capacity has been set-up by the company in different parts of the world.
Bhel will announce Q4 results on 28 May 2014. The company's net profit fell 41.2% to Rs 694.81 crore on 15.7% decline in net sales to Rs 8462.38 crore in Q3 December 2013 over Q3 December 2012.
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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