Bharat Heavy Electricals lost 3.45% to Rs 135.60 at 11:10 IST on BSE, with the stock extending Wednesday's 1.3% slide triggered by the company reporting poor Q2 earnings.
Meanwhile, the S&P BSE Sensex was up 33.48 points or 0.16% at 20,928.42.
On BSE, 9.50 lakh shares were traded in the counter as against average daily volume of 12.76 lakh shares in the past one quarter.
The stock hit a high of Rs 138.25 and a low of Rs 133.20 so far during the day. The stock had hit a 52-week low of Rs 100.35 on 20 August 2013. The stock had hit a 52-week high of Rs 247.50 on 7 December 2012.
The stock had underperformed the market over the past one month till 6 November 2013, sliding 2.43% as compared to the Sensex's 4.92% rise. The scrip had, however, outperformed the market in the past one quarter, jumping 24.35% as compared to the Sensex's 11.54% rise.
The large-cap state-run power equipment major has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Shares of Bharat Heavy Electricals (Bhel) have declined 4.7% in two trading sessions from Rs 142.30 on 5 November 2013 after the company during trading hours on Wednesday, 6 November 2013 reported weak Q2 results. The stock had declined 1.3% to settle at Rs 140.45 on Wednesday, 6 November 2013.
Bhel's net profit fell 64.2% to Rs 455.95 crore on 15.2% decline in net sales to Rs 8819 crore in Q2 September 2013 over Q2 September 2012.
Bhel said that the results for the quarter and half year ended 30 September 2013 includes financial results of HPVP unit (erstwhile M/s BHPV). Consequent to this, impact of HPVP unit for and upto the quarter ended on 30 September 2013 includes turnover of Rs 16.69 crore and loss of Rs 191.35 crore before tax. The impact on Reserves & Surplus is reduction by Rs 311 crore, Bhel said. In view of this, figures for the current reporting period are not comparable with the previously reported period figures, Bhel added.
Bhel's order book stood at Rs 102300 crore as on 30 September 2013.
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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