BHEL dips as Q3 profit disappoints
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Shares of Bharat Heavy Electricals Limited (BHEL) were trading lower by 3% at Rs 260 on NSE after reporting a disappointing set of numbers for the quarter ended December 2014 (Q3).
The stock opened at Rs 251 and has seen a combined 5.89 million shares changing hands on the counter till 1024 hours on NSE and BSE.
The country's largest power equipment manufacturer has reported a sharp 69% year-on-year (yoy) decline in net profit at Rs 213 crore in Q3FY15, due to lower revenue and operating income. The company had profit of Rs 695 crore in a year ago quarter. Total income dipped 27% to Rs 6,472 crore from Rs 8,926 crore in the same earlier period.
Analysts on an average had expected net profit of Rs 500 crore on revenues of Rs 7,538 crore.
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The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
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President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
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