State-run BHEL is exploring the possibility of formation of a separate finance company as a joint venture with a strategic partner to finance power projects.
The US Fed interest rate decision, ongoing quarterly earnings, macroeconomic data and FII trading activity are the major triggers that will drive stock markets this week, analysts said. Investors would also track global market trends and the movement in global oil prices for further cues. "This week, the focus will shift to global cues, particularly the US markets," Santosh Meena, Head of Research, Swastika Investmart Ltd said.
BHEL's first gas turbine in Libya commissioned
BHEL, which posted a 70 per cent jump in net profit at Rs 1,621 crore (Rs 16.21 billion) over a record turnover of Rs 14,410 crore (Rs 144.10 billion), would appoint consultants on a case-by-case basis for acquisitions.\n\n
As the government and its Left party supporters battle over BHEL disinvestment plans, the Rajya Sabha was on Tuesday told that a decision to sell 10 per cent of its shareholding in the company through a public offer has been taken.
The government has decided to sell 10 per cent equity in Bharat Heavy Electricals Ltd and 7.5 per cent shares in Maruti Udyog Ltd next fiscal to raise close to Rs 2,500 crore.
The government said on Friday it is considering offloading 10 per cent of its equity stake in navratna public sector unit Bharat Heavy electricals Limited.
Other companies which are on the block include NMDC, NALCO and IOC.
The ongoing war in Iraq has taken a toll on business of power equipment supplier Bharat Heavy Electricals with its shipments worth Rs 134 crore (Rs 1.34 billion) stranded at various ports.
State-run power equipment maker said that new orders are drying up due to financing problems.
Amid the debate on creating another state-owned power equipment manufacturing company, Bharat Heavy Electricals Ltd dubbed the idea as 'ironic' on Friday.
Medak district police in Andhra Pradesh arrested six persons in connection with some local people beating up 'outsiders', including some Tamil youth who had come for job interviews at the Bharat Heavy Electrical Ltd at Ramachandrapuram near Hyderabad.
State-owned BHEL on Friday said it is in talks with SAIL and Vizag Steel to tie up for manufacturing high grade steel, while Korean steel maker Posco may join the proposed joint venture company as a technology partner.
Bharat Heavy Electricals Ltd on Monday said it has bagged a Rs 599 crore (Rs 5.99 billion) contract for setting up a 250 MW thermal power plant in Beed district of Maharashtra.
The Union Cabinet on Thursday deferred a decision on selling equity in two public sector undertakings BHEL and Maruti.
Power equipment major Bharat Heavy Electricals on Monday announced an investment of upto Rs 1,000 crore (Rs 10 billion) in the next two years for expanding capacities to meet requirements of 11th and 12th five year plans.
Shravan Kumar Gupta, managing director of Haridwar-based Asian Ferro Alloys Limited, was arrested on Wednesday.
Imported components account for up to 30% of the firm's total production cost.
The last batch of quarterly earnings, global trends and trading activity of foreign investors will guide the equity market movement in a holiday-shortened week ahead, analysts said. Volatility may continue amid investors' cautious approach in the election season. Markets will remain closed on Monday due to the fifth phase of the Lok Sabha elections in Mumbai.
There is a flicker of hope for Tata Motors' abandoned Singur site. A team from government-owned Bharat Heavy Electricals Ltd (BHEL) visited the place, along with state government officials, for a possible project with the West Bengal Power Development Corporation.
Gung-ho about the prospects of nuclear power generation over the next two-three years, Puri said that by 2006, BHEL would clinch a technical tie-up with one of the companies from the developed world.
Heavy Industries Minister Santosh Mohan Dev will meet Finance Minister P Chidambaram on January 25 to work out the modalities for divestment in Maruti and BHEL.
At present, there are 45,000 plus employees in various BHEL units and the company plans to enhance it to 52,000-55,000 by the end of 2012.
BHEL had set a target to add 20,000 people in the current Five-Year Plan (2007-12), of which over half have already been enrolled.
This includes distancing themselves from the new and emerging super-critical technology.
Bharat Heavy Electricals Ltd is 'overburdened' and more equipment manufacturing companies are needed to achieve the 11th Plan target of adding 66,000 MW of fresh generation capacity, a top government official said on Monday.
Fresh order wins for capital goods and industrial companies may have seen a major slump due to Lok Sabha polls in the first quarter of the current financial year (Q1FY25). At the same time, revenue and profit growth trajectory is expected to have stayed the course, according to brokerage firms. Elara Capital, Motilal Oswal, and InCred Equities expect this sector universe to report a 12- 21 per cent growth in revenue, 21 -36 per cent growth in Ebitda and 24-38 per cent growth in profit on a year-on-year (Y-oY) basis.
This is part of the government's plan to raise Rs 40,000 crore (Rs 400 billion) from disinvestment in the current financial year.
Prime Minister Manmohan Singh has asked administrative ministeries to work out viable plan for disinvestment of BHEL and Coal India, including dividend payment, so as to achieve Rs 40,000 crore (Rs 400 billion) target in the current fiscal.
Abandoning its attempts to push politicians on the board of Navratna companies as independent directors, the government has nominated four experts to the board of Bharat Heavy Electricals Ltd.
Bharat Heavy Electricals is exploring opportunities for an acquisition or a joint venture partnership with companies from the United States and Europe.
The government on Friday cleared disinvestment in two bluechip state-owned companies IOC and Bhel, which would fetch over Rs 7,300 crore (Rs 73 billion) to the exchequer in the current fiscal.
Power equipment supplier Bharat Heavy Electricals Ltd plans five joint ventures in the nuclear sector and locomotive manufacturing. The company has decided to invest Rs 1,000 crore in a castings and forgings joint venture, Chairman and Managing Director K Ravi Kumar said.
Going ahead with the sale of part of its equity in Bharat Heavy Electricals Ltd despite opposition from the Left, the UPA government has invited expression of interest from investment bankers for the divestment.
Police suspect the killing to be the handiwork of persons known to the couple, both in their late fifties.
Bharat Heavy Electricals Ltd on Monday said it has achieved its biggest ever breakthrough in overseas markets with a turnkey contract worth $457 million for setting up a 500 MW steam power plant in Sudan.
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