PSU Major Tops Nifty Midcap 100: Hits New 52-Wk High, Outperforms Benchmarks

By Malvika Gurung — Shares of the state-owned industrial giant Bharat Heavy Electricals (NS:) Limited jumped 8.5% to Rs 81.15% at the time of writing after hitting a fresh 52-week high of Rs 81.5 apiece earlier in the session.

The public sector undertaking (PSU) stock defied the market mood on Friday, as benchmark indices and traded on a muted note during the day.

It was also the top gainer on the broader market index .

On Tuesday, the state-owned major announced through a press release that it paid a total of Rs 88 crore to the Government of India in the previous financial year 2021-22. The company further informed of paying an amount of over Rs 139 crore to its shareholders in FY22.

In the quarter ending September 2022, BHEL posted a net profit of Rs 12.1 crore, rallying a whopping 126.3% on a YoY basis, while its EBITDA plunged massively by 150.36% YoY to a negative Rs 27.75 crore.

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