BHEL surges on plan to achieve a net worth of Rs 23,755 crore this fiscal

22 Aug 2011

Bharat Heavy Electricals (BHEL) is currently trading at Rs 1717.00, up by 33.75 points or 2.01% from its previous closing of Rs 1683.25 on the BSE.

The scrip opened at Rs 1685.00 and has touched a high and low of Rs 1724.45 and Rs 1672.60 respectively. So far 37,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 2695.00 on 07-Oct-2010 and a 52 week low of Rs 1662.00 on 8-Aug-2011.

Last one week high and low of the scrip stood at Rs 1796.80 and Rs 1672.60 respectively. The current market cap of the company is Rs 84050 crore.

The promoters holding in the company stood at 67.72% while Institutions and Non-Institutions held 25.81% and 6.47% respectively.

BHEL, engineering major is targeting to achieve a net worth of Rs 23,755 crore in 2011-12, as it will brighten the company’s prospects of getting the coveted Maharatna status.

Following achieving the target, the PSU will have an average networth of over Rs 15,000 crore for three straight financial years -- one of the criteria needed for the Maharatna status.

Further, the company has set a goal for qualifying for the coveted status given to PSUs, the government is considering to grant it the Maharatna tag soon with a condition that it would meet the criteria within this fiscal.

BHEL's operations are organised around three business sectors, namely Power Industry - including Transmission, Transportation, Telecommunication & Renewable Energy - and Overseas Business. The company’s net profit for the quarter has increased by 22.15% at Rs 815.51 crore as compared to Rs 667.65 crore for the quarter ended June 30, 2010. Its total income increased by 11.17% at Rs 7520.11 crore for the quarter from Rs 6764.49 crore for the Q1FY11.

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