BHEL shares gain 1.4% on technology development deal with CMTI

The MoU is for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions for predictive maintenance of machines & manufacturing processes.

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Shares of BHEL gained 1.4 percent in early trades on December 15, a day after the electronics manufacturer signed a agreement with the Central Manufacturing Technology Institute (CMTI) for collaboration on technology development in hydrogen value chain and IIoT (Industrial Internet of Things) solutions. At 9:30am, the stock was trading at Rs 184.

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In a regulatory filing on December 14, BHEL (Bharat Heavy Electricals) said the collaboration with CMTI will focus on predictive maintenance of machines and manufacturing processes. CMTI is an autonomous institute under the administrative control of Ministry of Heavy Industries.

Also read: PNB, BHEL among 4 stocks that could feature in MSCI Global Standard Index in Feb: Nuvama

In Q2FY24, BHEL reported a net loss of Rs 238.1 crore as against a Rs 12.1-crore profit last fiscal. Revenue for the same period fell 1.5 percent to Rs 5,125.3 crore from Rs 5,202.6 crore. The loss to earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the quarter stood at Rs 387.7 crore against a loss of Rs 243.9 crore in September 2023.

BHEL, a PSU under the Ministry of Heavy Industries, is one of India’s largest engineering and manufacturing enterprises in the energy and infrastructure space. Over the last one year, the BHEL stock has gained over 116.2 percent.

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