Bharat Heavy Electricals rose 0.58% to Rs 163.45 at 10:06 IST on BSE after Life Insurance Corporation of India bought 4.66% stake in the company from the Government of India through a bulk deal on BSE on Monday, 3 March 2014.
Meanwhile, the BSE Sensex was up 41.83 points, or 0.20%, to 20,988.48.
On BSE, so far 81,000 shares were traded in the counter, compared with an average volume of 25.21 lakh shares in the past one quarter.
The stock hit a high of Rs 165.45 and a low of Rs 161.60 so far during the day. The stock hit a 52-week high of Rs 208.70 on 11 March 2013. The stock hit a 52-week low of Rs 100.35 on 20 August 2013.
The stock had underperformed the market over the past one month till 3 March 2014, sliding 2.99% compared with the Sensex's 3.65% rise. The scrip had also underperformed the market in past one quarter, falling 0.52% as against Sensex's 0.44% rise.
The large-cap company has an equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Life Insurance Corporation of India (LIC) on Monday, 3 March 2014, bought a 4.66% stake in Bharat Heavy Electricals (Bhel) from the Government of India in a block deal totalling Rs 1889 crore, BSE data showed. LIC bought 11.41 crore shares of Bhel at Rs 165.55 each.
With the block deal, the government's stake in Bhel has come down to 63.05%, from 67.72% earlier.
Bharat Heavy Electricals (Bhel) announced on Sunday, 2 March 2014, that it bagged a engineering, procurement and construction (EPC) contract for setting up a power project involving three coal-fired supercritical thermal units of 660 megawatts (MW) each. Valued at around Rs 7900 crore, the EPC order for setting up NTPC's 1,980 MW North Karanpura Super Thermal Power Project (STPP) in Hazaribagh district of Jharkhand State, has been won by Bhel against International Competitive Bidding (ICB).
Last week, Bhel announced that it won a contract worth Rs 321 crore for setting up a 206 megawatts hydro electric project in Punjab.
Bhel net profit fell 41.21% to Rs 694.81 crore on 15.41% decline in total income to Rs 8925.63 crore in Q3 December 2013 over Q3 December 2012.
Consequent to merger of Bharat Heavy Plates & Vessels (BHPV) with the company with effect from 30 August 2013, the financial results of HPVP unit (erstwhile BHPV) have been included in the above results. In view of this, figures for the current reporting period are not comparable with the figures in corresponding period of previous year, the company said in a statement.
Bhel has an outstanding order book position of about Rs 100600 crore as on 31 December 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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