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BHEL stock dives almost 8% despite good results

twitter-logoPTI | October 25, 2018 | Updated 16:42 IST

New Delhi, Oct 25 (PTI) Shares of Bharat Heavy Electricals Ltd (BHEL) Thursday slumped almost 8 per cent even as the company reported 60 per cent surge in September quarter net profit. The stock tanked 7.37 per cent to end at Rs 70.35 on BSE. During the day, it dived 8.49 per cent to Rs 69.50. At NSE, shares of the company slumped 7.96 per cent to close at Rs 69.90. The company's market valuation dropped Rs 2,055.7 crore to Rs 25,828.30 crore on BSE. In terms of equity volume, 31.31 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day. The state-owned power plant equipment manufacturer Thursday reported 60 per cent surge in September quarter net profit as its order book more than doubled. Net profit stood at Rs 185.17 crore in the reported period compared with Rs 115.42 crore in the same quarter a year ago, BHEL said in a statement. Turnover rose 7 per cent to Rs 6,607 crore. "In a highly competitive and shrunken market, concerted efforts have resulted in the order book more than doubling to Rs 9,530 crore for the first half of 2018-19 compared to Rs 3,618 crore in the corresponding six months of 2017-18," BHEL said. PTI SUM ANU ANU

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