Bharat Heavy Electricals rose 2.26% to Rs 115.50 at 12:28 IST on BSE, with the stock recovering on bargain hunting after 2-day 24.39% slide triggered by the company reporting weak Q1 results.
Meanwhile, the S&P BSE Sensex was down 35.51 points or 0.19% at 18,697.53.
On BSE, 6.61 lakh shares were traded in the counter as against average daily volume of 5.05 lakh shares in the past one quarter.
The stock hit a high of Rs 116 and a low of Rs 113.25 so far during the day. The stock had hit a 52-week low of Rs 112.10 on Tuesday, 6 August 2013. The stock had hit a 52-week high of Rs 272.45 on 5 October 2012.
The stock had underperformed the market over the past one month till 6 August 2013, sliding 36.72% compared with the Sensex's 3.91% fall. The scrip had also underperformed the market in past one quarter, declining 41.51% as against Sensex's 4.78% fall.
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) had tumbled 24.39% in two trading sessions to settle at Rs 112.95 on Tuesday, 6 August 2013, from Rs 149.40 on 2 August 2013, after the company on Saturday, 3 August 2013, reported weak Q1 results.
Bhel's net profit fell 49.5% to Rs 465.43 crore on 23.7% decline in net sales to Rs 6352.55 crore in Q1 June 2013 over Q1 June 2012.
Bhel's operating profit margin (OPM) crashed to the extent of 820 basis points (bps) year on year (YoY) to 6% during the quarter, largely on account of under recovery of capacity. This resulted in operating profit declining by 68% to Rs 388.58 crore.
The company's finance costs surged 402.89% to Rs 27.76 crore in Q1 June 2013 over Q1 June 2012.
Bhel had an outstanding order book position of about Rs 108600 crore as on 30 June 2013, lower than Rs 115160 crore as on 31 March 2013 and Rs 122300 crore as on 30 June 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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