BHEL sign MoU with JSC Rosoboronexport
Shares of Bharat Heavy Electricals (BHEL) added nearly 3% to Rs 53.45 apiece after it signed a Memorandum of Understanding with JSC Rosoboronexport, post market hours Thursday.
The two companies intend to implement joint projects and activities to produce spare part and components for Russian-origin equipment installed onboard the Indian Navy Aircraft carrier, Vikramaditya, and maintainenance of systems and equipment of Vikramaditya, and on other issues of mutual interest.
State-run BHEL is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services to the core sectors of economy. As of 31 March 2021, the Government of India held 63.17% stake in the company.
On a consolidated basis, BHEL reported net loss of Rs 1,034.82 crore in Q4 FY21, lower than net loss of Rs 1,532.67 crore in Q4 FY20. Net sales rose 47% to Rs 6,751.88 crore in Q4 FY21 over Q4 FY20.
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