Multibagger PSU Maharatna Hits 15% Upper Circuit After JV Agreement With Coal India

Leading large cap public sector undertaking Bharat Heavy Electricals Ltd (BHEL) shares zoomed nearly 13% in trade today after it inked a joint venture agreement (JVA) with Coal India Ltd on February 28, 2024. Last trading price of Bharat Heavy Electricals shares on BSE is Rs 265.50 apiece with intraday jump of 12.57% at the time of writing the story. BHEL shares opened at Rs 237.00 apiece, touched day's high of Rs 269.35 apiece and day's low of Rs 237.00 apiece. Check details below:

Bharat Heavy Electricals Inks JVA With Coal India, Shares Zoom: According to the BSE filing of the company dated Feb 28, 2024, BHEL inked a JVA with Coal India on February 28, 2024 in order to form a Joint Venture Company to undertake Coal to Chemicals business by initially setting up a Coal to 2000 TPD Ammonium Nitrate Plant using BHEL's in-house developed PFBG (Pressurized Fluidized Bed Gasification) technology.

The BSE filing further stated the significant terms of the agreement in brief. As per the agreement, "equity shareholding shall be 51% with CIL and 49% with BHEL. The Joint Venture Company shall be incorporated as a "Private Limited" Company with an Initial paid-up share capital of INR 1,00,000 (INR One Lakh only). The registered office of the JVC shall be situated in the state of Odisha, India. d. When it comes to Board of Directors, BHEL and CIL shall have the right to nominate three (3) Directors each on the Board of the JVC."

BHEL Shares Performance & Return Over Years: The 52-week high price of Bharat Heavy Electricals shares on BSE is Rs 269.35 apiece and 52-week low price is Rs 67.63 apiece, respectively. BHEL shares hit 15% upper circuit and traded fresh 52-week high today. The company's market capitalisation is Rs 92,257.27 crore. Maharatna BHEL shares surged 52% in last 3-months, zoomed 91% in last 6-months, and rallied 255% in last 1-year. In last 2-years, Bharat Heavy Electricals shares rallied 439%.

Coal India Shares Performance & Return: Meanwhile, Coal India shares also zoomed by 1.44% today. Current market price of Coal India shares on BSE is Rs 454.90 apiece. The PSU Maharatna Coal India has a market capitalisation of Rs 2,80,342.51 crore. Coal India shares soared 83% in last 6-months and rallied 104% in last 1-year.

BHEL About: BHEL is India's largest engineering and manufacturing enterprise in the energy and infrastructure sectors. Established in 1964, it is a leading power equipment manufacturer globally and one of the earliest and leading contributors towards building an Aatmanirbhar Bharat. The Government of India has granted the MAHARATNA status to BHEL, according to its official website.

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