BHEL share price gained as much as 3 per cent on Wednesday after the Heavy Industries & Public Enterprises Minister Anant Geete on Tuesday said that the government has no plans to divest part of its holding in the company.
At 12.13 pm, shares of Bharat Heavy Electricals Ltd were trading 2.85 per cent up at Rs 169.35. The scrip opened at Rs 166.20 and had touched a high and low of Rs 169.70 and Rs 166.20, respectively, in trade so far. Later, the share price of the company closed 2.61 per cent up at Rs 168.95.
“BHEL had not been performing well since the last 1-2 years. However, BHEL currently has new orders worth Rs 22,000 crore. Therefore its position will improve significantly next year,” the Minister said.
Government earlier approved the sale of 5 per cent stake in the company. It owned 63.06 per cent stake in BHEL.
In the past one year, the share price of Bharat Heavy Electricals Ltd dipped 38.30 per cent till December 8. Sensex lost 9.99 per cent during the same period.
For the quarter ended September 2015, the company posted a consolidated net loss of Rs 204.90 crore, down 264.13 per cent, against Rs 124.84 crore in the corresponding quarter a year ago.
(With inputs from agencies)