BHEL surges 9% as Q4 profit rises more than double

Shares of Bharat Heavy Electricals Limited (BHEL) have moved higher by 9% to Rs 86.45 per share on the market in noon deal after the state-owned company reported a more than double standalone net profit of Rs 4.57 billion in March quarter (Q4FY18). It had a profit of Rs 2.16 billion in the same quarter last fiscal.
Operational income during the quarter under review however remained flat at Rs 98.29 billion against Rs 98.74 billion in the corresponding quarter of previous year. Total expenditure of the company declined 9.9% to Rs 92.01 billion from Rs 102.08 billion during the quarter.

However, the company's net profit and operational income were below an average analyst estimate of Rs 4.76 billion and Rs 110.11 billion, respectively.

The board has recommended final dividend @ 51% (Rs 1.02 per share) on the paid up share capital of the company for FY 2017-18.

At 12:45 pm; the stock was trading 8% higher at Rs 85.30 on the BSE, as compared to 0.21% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than four-fold with a combined 31.25 million shares changed hands on the BSE and NSE so far.