Bharat Heavy Electricals fell 1.79% at Rs 137.55 at 13:28 IST on BSE, with the stock declining on profit booking after recent strong gains.
Meanwhile, the S&P BSE Sensex was off 68.15 points or 0.25% at 27,133.34
On BSE, so far 5.77 lakh shares were traded in the counter as against average daily volume of 9.01 lakh shares in the past one quarter. The stock hit a high of Rs 141.60 and a low of Rs 135.85 so far during the day. The stock had hit 52-week high of Rs 289.85 on 21 July 2015. The stock had hit 52-week low of Rs 90.40 on 29 February 2016. The stock had outperformed the market over the past 30 days till 7 July 2016, rising 15.36% compared with 0.67% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 14.37% as against Sensex's 10.24% rise.
The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
The Bharat Heavy Electricals (Bhel) stocks had witnessed a sharp surge recently. The stock jumped 18.43% in eight trading sessions to settle at Rs 140.05 yesterday, 7 July 2016, from its close of Rs 118.25 on 24 June 2016.
Meanwhile, a foreign brokerage reportedly maintained 'underperform' rating on Bharat Heavy Electricals (Bhel) with a target price of Rs 100. The target price remains substantially lower than the stock's ruling market price. The foreign brokerage has reportedly cut its EPS estimates on Bhel by 3% to 10% for FY 17-18.
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.
State-run Bharat Heavy Electricals (Bhel) is an integrated power plant equipment manufacturer. It is one of the largest engineering and manufacturing companies 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, viz. power, transmission, industry, railways, renewable energy, oil & gas, water and defence. The Government of India currently holds 63.06% stake in Bhel (as per the shareholding pattern as on 31 March 2016)
Powered by Capital Market - Live News
