Meanwhile, the BSE Sensex was down 84.86 points, or 0.48%, to 17,622.45.
On BSE, 6.70 lakh shares were traded in the counter compared with average volume of 12.97 lakh shares over the past two weeks.
The stock hit a high of Rs 274.35 and a low of Rs 257.90 so far during the day.
India's largest state-run power equipment maker has an equity capital of Rs 489.52 crore. Face value per share is Rs 2.
According to reports, state-run power producer NTPC is unable to place equipment orders worth Rs 34000 crore for four super-critical projects in the country due to legal tangle.
The placement of NTPC orders have reportedly been stranded since one of the participating bidders -- Ansaldo Caldaie Boilers (ACB) -- approached the court after its bid was rejected by NTPC citing non-fulfillment of minimum criteria in the tender.
Due to the dispute, NTPC has not been able to place orders worth about Rs 34000 crore for four projects spread across Maharashtra, Bihar and Uttar Pradesh. All the four projects are slated for the 12th Five-Plan Period (2012-17).
Reports suggest that ACB, a subsidiary of Gammon India, first approached the Delhi High Court and now the case is pending in the Supreme Court.
NTPC had invited tender for supplying a package that includes 11 super-critical boilers and an equal number of super-critical turbines of 660 megawatts (MW) each. Apart from the four projects, the tender also involved placing orders for two units of Damodar Valley Corporation's 1,320 MW Raghunathpur project in West Bengal.
As if the dismal environment in the power sector in the country was not bad enough, new challenges, in the form of order cancellations and curtailed orders, besides delay in key orders from NTPC, all added to Bhel's woes in Q3 December 2011.
Bhel's net profit rose 2.1% to Rs 1432.61 crore on 19.2% rise in net sales to Rs 10547.97 crore in Q3 December 2011 over Q3 December 2010 on the back of sharp contraction in operating margin.
The operating profit margin (OPM) tumbled by 360 basis points (bps) to 19.4% from 23% in Q3 December 2010 on account of higher material cost and other expenses.
Bhel's order backlog stood at Rs 146500 crore as on 31 December 2011, lower than order backlog of Rs 161000 crore as on 30 September 2011 and Rs 158000 crore as on 31 December 2010. The company said latest order backlog was reduced to the extent of Rs 5847 crore in Q3 December 2011 as the company has seen one order cancelled during the quarter and few other small orders underwent change in scope. There is no such thing as slow moving orders in the order backlog, the company's management said in a post-result conference call with analyst. Bhel said provision (contractual obligation, LD and bad and doubtful debts) for the quarter has gone up to the extent of Rs 218 crore.
Bhel is the largest engineering and manufacturing enterprise in India in the energy-related/infrastructure sector. The company caters to the core sectors including power, transmission, industry, transportation, renewable energy, oil & gas and defence.