BHEL hits over 10-year low

Shares of Bharat Heavy Electricals Limited (BHEL) has fallen below Rs 100 mark to Rs 98.75, its lowest level since August 2005 on the BSE.

The stock has underperforming the market by falling 23% from Rs 128 on February 10, after the company reported a huge loss of Rs 1,102 crore for the quarter ended December 31, 2015, (Q3FY16) compared to a net profit of Rs 213 crore in the same quarter last year. The S&P BSE Sensex was down 1% during the same period.

Total income for the quarter under review also declined to Rs 5,496 crore against Rs 6,472 crore in the corresponding quarter of previous fiscal.

The company’s order book positions stood at Rs 109,201 crore at the end of Q3FY16 against Rs 112,300 crore in Q2FY16 and Rs 116,200 crore as of Q1FY16.

For the first nine months ended December 2015, the company had reported net loss of Rs 1,273 crore as compared to profit of Rs 530 crore in the same period last year. It had profit of Rs 1,419 crore in entire previous financial year 2014-15.

The stock hit an intra-day high of Rs 105, recovering 6% from day’s low level on the BSE.

At 10:43 AM, the stock up 0.58% at Rs 104 with a combined 6.11 million shares changed hands on the counter on the BSE and NSE.

BHEL

Bombay Stock Exchange - BSE