BHEL Shares Reach 52-Week High on CMTI Collaboration

15 Dec 2023 , 01:47 PM

On December 15, Bharat Heavy Electricals Ltd. (BHEL) shares reached a 52-week high of Rs 186.20 following the company’s agreement with the Central Manufacturing Technology Institute (CMTI) to work together on Industrial Internet of Things solutions and technology development in the hydrogen value chain.

The company stated in its regulatory filing that its partnership with CMIT will be concentrated on predictive maintenance for manufacturing processes and machinery.

The Central Manufacturing Technology Institute (CMTI) is a self-governing organization that reports to the Ministry of Heavy Industries.

BHEL reported a net loss of Rs 238.1 crore for the quarter in its quarterly report covering July-September, compared to a net profit of Rs 12.1 crore for the same period the previous year.

During the quarter, the company’s revenue was Rs 5,125.3 crore, a 1.5% year-over-year decrease from the Rs 5,202.6 crore recorded in the same quarter of the previous fiscal year.

Bharat Heavy Electricals Ltd. is a major engineering and manufacturing organization in the energy and infrastructure sectors of India. It is a public sector venture under the Ministry of Heavy Industries.

The price of BHEL’s shares on the NSE was up 1.24% at Rs 183.65 at 10:34 am.

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