BHEL shares surge nearly 17% on reporting 54% rise in Q1 net profit
Posted on 7th September 2016 |
.jpg) |
| Bharat Heavy Electricals Limited (BHEL) shares soared as much as 16.66 per cent on Wednesday after the company posted 54.21 per cent increase in its net profit at Rs 77.77 crore for the quarter ended June 30, 2016 as compared to Rs 50.43 crore in the same quarter last year. Total income of the company jumped by 20.84 per cent to Rs 5,871.78 crore for the quarter under review from Rs 4,858.95 crore in the same quarter last fiscal. At 2.58 pm, shares of the company were trading 14.67 per cent up at Rs 158.45. The scrip opened the day at Rs 138 and has touched a high and low of Rs 161.40 and Rs 134.35, respectively, in trade so far. Benchmark BSE Sensex was trading 37.54 points down at 28940.48. Oflate, India Ratings and Research downgraded BHEL’s long-term issuer rating to ‘IND AA+’ from ‘IND AAA’. Simultaneously, all ratings have been removed from Rating Watch Negative (RWN) and a negative outlook has been assigned to all long-term ratings. The removal of RWN follows the completion of the ongoing evaluation of BHEL’s key business parameters. In the past one year, shares of the company slipped 31.15 per cent to Rs 138.35 till September 6, whereas BSE Sensex gained 16.41 per cent during the same period. Top line of the company has declined by 47 per cent during 2012-13 and 2015-16 on account of low order intake over FY12-FY15 and the presence of slow moving projects worth nearly Rs 50,000 crore in its order book in FY16. According to India Ratings, the negative outlook reflects the rating agency’s expectations of a further revenue decline over FY17, if issues related to the slow moving order book are not resolved. BHEL has been looking at diversifying its revenue base into areas such as defence, water, transportation, transmission and industrial products, to lower its dependence on the power sector. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
|
|
|
|
| Be the first person to write a business review for BHEL shares surge nearly 17% on reporting 54% rise in Q1 net profit |
|
|
|
