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BHEL share hits 52-week high as board to consider 2nd interim dividend

BHEL stock touched a new high of Rs 52.2, rising 6.97% over the previous close of Rs 48.80  on BSE

twitter-logoBusinessToday.In | March 2, 2021 | Updated 15:29 IST
BHEL share hits 52-week high as board to consider 2nd interim dividend
BHEL share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share of Bharat Electronics hit a fresh 52 week high today after the state-owned aerospace and defence firm said its board would meet on March 16, 2021 to consider and approve a second interim dividend for the financial year 2020-21. BHEL stock touched a new high of Rs 52.2, rising 6.97% over the previous close of Rs 48.80  on BSE.

BHEL share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The mid cap share has gained 75.42% in one year and risen 44.15% since the beginning of this year. Market cap of the firm rose to Rs 18,002 crore on BSE. The stock has risen 28.72% in six sessions.

The company's board would meet on March 16, 2021 to consider and approve a second interim dividend for the financial year 2020-21, the state-owned aerospace and defence firm said in the release. The record date for the payment of the dividend on equity shares for the financial year 2020-21, if declared, would be March 24, 2021. The share touched an intraday low of Rs 146.50  on BSE.

In Q3 of the current fiscal, the firm reported a reported a net loss of Rs 218 crore against Rs 161.81 crore profit for the quarter ended on December 31, 2019. Total income of the state-run engineering firm dipped to Rs 4,532.39 crore in Q3 from Rs 5,827.74 crore in the same period a year ago.

About the impact of pandemic, the company said, "During the quarter, the group operations recovered as compared to Q2/20-21 (second quarter this fiscal), but pre-COVID level of operations are yet to be achieved. Based on its assessment of business/economic conditions as on date, the company expects to recover the carrying value of its assets," it added.

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