BHEL shares up 3% as co posts profit for 2nd straight quarter

New Delhi: Shares of BHEL rose almost 3 percent today after the company reported a net profit of Rs 109 crore for the September quarter.

The stock gained 2.87 percent to end at Rs 143.15 on BSE. Intra-day, it zoomed 5.53 percent to Rs 146.85.

At NSE, it went up by 2.98 percent to close at Rs 143.20.

On the volume front, 24.98 lakh shares of the company were traded on BSE and over two crore shares changed hands at NSE during the day.

State-run power equipment maker BHEL today reported a net profit of Rs 109 crore for the second quarter ended September 30, helped by strategic initiatives taken by its new management.

The company had reported a net loss of Rs 180.78 crore for the July-September quarter last fiscal.

Total income has increased to Rs 6,860.53 crore in the second quarter of current fiscal from Rs 6,314.56 crore in the corresponding period last year, the company said in BSE filing.

BHEL maintained the momentum of positive growth and profitability achieved in the first quarter, with the company registering a topline growth of 12 percent and posting a profit before tax of Rs 138 crore as against a loss of Rs 293 crore in the same period last year.

In the first quarter, BHEL had recorded positive growth after reversing the trend of negative topline growth prevailing for the last 14 straight quarters.