Bharat Heavy Electricals rose 0.5% to Rs 199.80 at 9:16 IST on BSE after the Minister of Heavy Industries and Public Enterprises Mr. Praful Patel on Thursday said that a number of steps have been taken by the company for enhancing its performance.
Meanwhile, the S&P BSE Sensex was up 47.08 points or 0.24% at 19,617.52.
On BSE, 2,728 shares were traded in the counter as against average daily volume of 4.30 lakh shares in the past one quarter.
The stock hit a high of Rs 199.90 and a low of Rs 199 so far during the day. The stock had hit a 52-week low of Rs 195.05 on 12 September 2012. The stock had hit a 52-week high of Rs 297.45 on 14 March 2012.
The stock underperformed the market over the past one month till 14 March 2013, sliding 2.67% compared with the Sensex's 0.38% rise. The scrip had also underperformed the market in past one quarter, declining 11.61% as against Sensex's 1.31% gain.
The large-cap state-run firm has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
The Minister of Heavy Industries and Public Enterprises Mr. Praful Patel on Thursday, 14 March 2013, said that a number of steps have been taken by Bharat Heavy Electricals (Bhel) for enhancing its performance which include introduction of upgraded modules -- 270 megawatts (MW), 525 MW and 600 MW thermal units and also the super-critical thermal sets of 660 MW, 700 MW and 800 MW ratings suiting the local conditions. Bhel has scaled up its capacity to deliver 20,000 MW of power equipment (main plant & machinery) per annum, Patel said in written reply to a question in Lok Sabha.
The minister further stated that Bhel spent nearly Rs 1199 crore i.e. 2.42% of turnover during 2011-12 on R&D and filed 351 patents/copyrights, making the company one of the highest patent filers in the country after CSIR. The minister also said that Bhel is placing high importance on people development. The company is also pursuing initiatives in diversification and mergers & acquisitions (M&A), Patel said.
The Ministry of Heavy Industries & Public Enterprises on 12 March 2013 said that the enhanced powers delegated under the 'Maharatna' status would help Bhel tap bigger opportunities for equity participation in large size power projects. The 'Maharatna' status will also help the power equipment major in pursuing merger and acquisition opportunities in the areas of transportation, transmission, power & energy sectors. The 'Maharatna' status will also help Bhel to build its businesses including in defence and exports, the Minister of Heavy Industries and Public Enterprises, Mr. Praful Patel said in written reply to a question in Rajya Sabha. The 'Maharatna' status will also help Bhel position its senior level executives to oversee/manage new entities. The Government of India had granted the 'Maharatna' status to Bhel on 1 February 2013.
Bhel's net profit fell 17.5% to Rs 1181.85 crore on 4.7% decline in net sales to Rs 10041.65 crore in Q3 December 2012 over Q3 December 2011.
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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