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BHEL gains 1.5% after Nomura upgrades as stock seems to have bottomed out

BHEL might witness modest growth & profitability recovery, the global research house said, adding its executable order book has improved.

June 20, 2018 / 01:33 PM IST
BHEL | Company reported loss at Rs 893.1 crore in Q1FY21 against loss Rs 218.9 crore, revenue fell to Rs 1,990.9 crore versus Rs 4,532.5 crore YoY. (Image: Reuters)

BHEL | Company reported loss at Rs 893.1 crore in Q1FY21 against loss Rs 218.9 crore, revenue fell to Rs 1,990.9 crore versus Rs 4,532.5 crore YoY. (Image: Reuters)

 
 
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Nomura has upgraded state-owned power equipment maker BHEL to Neutral with a target price at Rs 86 per share as the stock price seems to have bottomed out. The stock price gained 1.5 percent intraday on Wednesday.

The company might witness modest growth & profitability recovery, the global research house said, adding its executable order book has improved.

Meanwhile, the company has bagged two major orders for emission control equipment from Telangana State Power Generation Corporation Ltd (TSGENCO) today.

"Valued at Rs 1,000 crore, the orders involve supply and installation of flue gas desulphurization (FGD) systems for control of SOx emissions at TSGENCO's 1x800 MW Kothagudem Thermal Power Station (TPS) and 4x270 MW Bhadradri TPS in Telangana," the company said in its filing.

The order for Bhadradri TPS also includes modification in boiler and electroStatic precipitators (ESPs) to meet the revised emission norms.

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BHEL is presently executing these projects on engineering, procurement, construction (EPC) basis.

Last week it bagged two orders cumulatively valued at over Rs 125 crore, for setting up solar photovoltaic (SPV) power plants on engineering, procurement and construction (EPC) basis, in Gujarat.

Its profit in the year ended 2017-18 increased sharply by 63 percent to Rs 807 crore compared to previous year. "As a result of strategic initiatives taken, BHEL has registered quantum growth in its profit and order booking in fiscal 2017-18, ending the year with significant traction in growth drivers."

It has recorded a turnover of Rs 27,850 crore, as against Rs 27,740 crore in the previous year.

At 11:15 hours IST, the stock price was quoting at Rs 74.75, up Rs 0.35, or 0.47 percent on the BSE.
Moneycontrol News
first published: Jun 20, 2018 11:59 am

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