BHEL shows some tang!
Till the 4th of December, BHEL had been hitting new lows; even yesterday it had hit a new 52-week low at Rs.164.10. Today though, the stock price is up over 2% at Rs.168 levels.
The market heaved a sigh of relief that the Govt has scuttled plans for 5% divestment in the company. The Govt which holds 63.06% stake had earlier announced that it plans to sell stake this fiscal. Thankfully, that is postponed certainly for FY16.
This is a relief for the market as divestment in PSUs is usually at a discounted price and given the performance of the PSU, divestment in this market would have been a bad decision.
While announcing this decision, the Heavy Industry Minister, Anant Geete said that BHEL’s performance is on the upswing and till date has received orders to the tune of Rs.22,000 crore for FY16.