Shares of Bharat Heavy Electricals (BHEL), India`s biggest power equipments maker, plunged on Thursday after the company reported a 15.31% growth in turnover to Rs 216.08 billion while the net profit of the company climbed 16.56% to Rs 28.15 billion (as per provisional figures) in FY2008 compared with prior year period. Shares of the company slipped soon after the announcement of provisional figures.
Shares of the company plunged Rs 112.50, or 6.07%, to trade at Rs 1,740, while the 30-share benchmark index, Sensex climbed 12.59 points, or 0.08%, to trade at 15,762.99. The stock has shown a fall of 12.38% over the week and 17.12% over a month. The total volume of shares traded was 830,296 at the BSE (2.08 p.m., Thursday).
Recently the company announced it has further enlarged its global footprint with a foray into a new market New Caledonia, with a prestigious export contract for environment friendly circulating fluidized bed combustion CFBC boilers. New Caledonia, an island in the south west Pacific Ocean, east of Australia, is an overseas territory of France. Valued at Rs 5.5 billion, the order for 2x135 MW CFBC boilers and auxiliaries has been received from Koniambo Nickel SAS, an overseas joint venture of the globally diversified mining group Xstrata PLC, Switzerland, with a local New Caledonian company.