BHEL moves up on signing joint venture agreement with Coal India
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Bharat Heavy Electricals is currently trading at Rs. 225.20, up by 0.55 points or 0.24% from its previous closing of Rs. 224.65 on the BSE.
The scrip opened at Rs. 226.20 and has touched a high and low of Rs. 226.25 and Rs. 219.85 respectively. So far 487648 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 243.30 on 05-Feb-2024 and a 52 week low of Rs. 67.63 on 06-Apr-2023.
Last one week high and low of the scrip stood at Rs. 233.70 and Rs. 219.85 respectively. The current market cap of the company is Rs. 77510.73 crore.
The promoters holding in the company stood at 63.17%, while Institutions and Non-Institutions held 24.61% and 12.22% respectively.
Bharat Heavy Electricals (BHEL) has signed a joint venture agreement (JVA) with Coal India (CIL) to form a Joint Venture Company to undertake Coal to Chemicals business by initially setting up a Coal to 2000 TPD Ammonium Nitrate Plant using BHEL’s in-house developed PFBG (Pressurized Fluidized Bed Gasification) technology. Equity shareholding shall be 51% with CIL and 49% with BHEL. The Joint Venture Company shall be incorporated as a ‘Private Limited’ Company with an Initial paid-up share capital of Rs 1 lakh.
Bharat Heavy Electricals is an Indian central public sector undertaking and the largest government-owned power generation equipment manufacture.
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