BHEL Shares Surge as Profits Soar

Shares of BHEL, a state-owned engineering firm, saw a significant rise of nearly 7% following its announcement of over two-fold increase in consolidated net profit for the December quarter, driven by higher revenues. The company's stock experienced substantial gains on both BSE and NSE.

BHEL, the state-owned engineering giant, witnessed a robust surge in its stock prices, gaining nearly 7% on Wednesday. This rise came in the wake of the company reporting a more than twofold increase in its consolidated net profit for the December quarter.

The stock climbed 6.56% to close at Rs 199.90 on the BSE after soaring as high as Rs 200.45 during the day. Similarly, it advanced 6.55% to Rs 199.92 on the NSE. The market valuation of BHEL also saw a drastic uptick, increasing by Rs 4,282.95 crore to hit Rs 69,606.45 crore, as investors rallied around the stock.

In terms of trading volume, a significant 13.92 lakh shares were traded on the BSE and 380.44 lakh on the NSE. The company announced that its consolidated net profit for the third quarter stood at Rs 134.70 crore, up from Rs 60.31 crore in the previous year, primarily due to increased revenues.

(With inputs from agencies.)