Bharat Heavy Electricals lost 3.29% to Rs 254.50 at 11:43 IST on BSE, with the stock sliding on profit booking after recent rally.
Meanwhile, the S&P BSE Sensex was down 113.86 points or 0.45% at 25,466.35.
On BSE, so far 5.20 lakh shares were traded in the counter as against average daily volume of 7.96 lakh shares in the past one quarter.
The stock hit a high of Rs 265.65 and a low of Rs 251.85 so far during the day. The stock hit a 52-week high of Rs 291.50 on 26 May 2014. The stock hit a 52-week low of Rs 100.35 on 20 August 2013.
The stock had outperformed the market over the past one month till 9 June 2014, surging 35.75% compared with Sensex's 11.25% rise. The scrip had also outperformed the market in past one quarter, jumping 43.25% as against Sensex's 16.7% rise.
The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Shares of Bharat Heavy Electricals (Bhel) had rallied 8.67% in six trading sessions to settle at Rs 263.15 on Monday, 9 June 2014, from a recent low of Rs 242.15 on 30 May 2014.
Meanwhile, Bhel after market hours on Monday, 9 June 2014 said that the Union Minister for Heavy Industries & Public Enterprises, Sh. Anant Geete visted the company at their corporate office at Siri Fort, New Delhi on Monday, 9 June 2014. The Minister was briefed about the performance trends of the company, diversification plans, manufacturing and R&D capability with respect to new initiatives and strategies for growth, among others, Bhel said. The Minister, while appreciating the progress made by the company in different areas, asked Bhel to gear up for the future to face competition from the domestic as well as overseas companies, Bhel said.
Appreciating the inherent strength of Bhel, he said that the company had the resilience to get into business areas that are long gestation in nature and where profits can be begin to materialize over a period of time. Assuring Bhel of complete support and backing of the Ministry of Heavy Industries & Public Enterprises, the Minister said that in view of the slowdown in the power sector, he directed the company to step up its activities in other areas like renewables (including solar), transportation, transmission and defence, in a big way, Bhel said in a statement.
Bhel's net profit fell 43% to Rs 1844.59 crore on 21.7% decline in net sales to Rs 14754.89 crore in Q4 March 2014 over Q4 March 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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