Rs 1,14,336 crore order book: This heavy electrical company signs agreement with General Electric Technology GmbH Switzerland; hits 52-week high!
The stock gave multibagger returns of 110 per cent in just 1 year and over 140 per cent in 3 years.
Bharat Heavy Electricals Ltd (BHEL), a prominent PSU company renowned for its expertise in integrated power plant equipment manufacturing, announced that the company has signed a Technical Assistance and License Agreement with General Electric Technology GmbH Switzerland for Gas Turbines. BHEL has been manufacturing and supplying GE-design Gas Turbines to various customers in India and abroad since 1986. Under this extension Agreement, BHEL will gain enhanced rights for existing /uprated and new Gas Turbine models.
BHEL, in partnership with GE, is the market leader for Gas Turbines in India.
As of date, BHEL has supplied about 230 GE-design Gas Turbines to various oil refineries, process industries and utilities in India and to various overseas customers. India’s focus on achieving net zero emissions and including green hydrogen in the energy mix will also require future-ready power technologies. As per the agreement, BHEL will also be able to supply Gas Turbines with fuel blends viz. The Agreement will also give a boost to India’s ‘Aatmanirbhar Bharat’ and ‘Make in India’ initiatives as BHEL will indigenous
Order book Update: Significantly, this outstanding order book currently stands at Rs 1,14,336 crore (excluding taxes) with the finalisation of the prestigious Vande Bharat trainset order in April 2023.
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On Wednesday, shares of BHEL zoomed 7 per cent to Rs 92.96 per share with an intraday high of Rs 93.25 and an intraday low of Rs 87.12. The stock also traded at a new 52-week high of Rs 93.25 per share with a spurt in volume by more than 3.10 times on BSE.
Talking about the financials, BHEL has a market cap of over Rs 32,000 crore. The company reported excellent numbers in its Quarterly Results and annual results. The President of India owns the majority of the company (63.17 per cent), with the remainder divided among FIIs, DIIs, and the general public.
The stock gave multibagger returns of 110 per cent in just 1 year and over 140 per cent in 3 years. Investors should keep an eye on this PSU stock.