Bharat Heavy Electricals advanced 0.5 percent to Rs 128.30 on BSE after the company said that it will build extra high voltage substations to evacuate power from India's largest ultra mega solar park.
The announcement was made during market hours today, 10 January 2017.
Meanwhile, the BSE Sensex was up 158.69 points, or 0.59 percent, to 26,885.24.
On the BSE, 2.75 lakh shares were traded in the counter so far, compared with average daily volumes of 6.13 lakh shares in the past one quarter. The stock had hit a high of Rs 129.30 and a low of Rs 127.75 so far during the day. The stock had hit a 52-week high of Rs 162.80 on 8 September 2016. The stock had hit a 52-week low of Rs 90.40 on 29 February 2016.
The stock had underperformed the market over the past one month till 9 January 2017, falling 1.12 percent compared with the Sensex's 0.08 percent fall. The scrip had also underperformed the market in past one quarter, dropping 5.83 percent as against the Sensex's 4.76 percent fall.
The large-cap company has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bharat Heavy Electricals (Bhel) said that it has bagged an order from PowerGrid Corporation of India for the augmentation of three extra voltage substations in Karnataka on turnkey basis valued at Rs 96 crore.
The augmentation of substation facilities is linked with the transmission system being set up for evacuation of solar power. The augmentation shall play a key role for transfer of renewable energy power from ultra mega solar power park of 2,000 megawatts capacity, phase II to be set up at Tumkur, Pavgada district on 10,000 acres of land.
The substations are slated to be commissioned in 18 months.
Bhel reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Net sales rose 12.1 percent to Rs 6550.77 crore in Q2 September 2016 over Q2 September 2015.
State-run Bhel is an integrated power plant equipment manufacturer and an engineering and manufacturing company engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for core sectors of the economy, viz. power, transmission, industry, transportation (railways), renewable energy, oil & gas, water and defence with over 180 products offerings.
The Government of India currently holds 63.06 percent stake in Bhel (as per the shareholding pattern as on 30 September 2016).
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