BHEL gains 2% & More on Today’s Market

BHEL gains 2%

On August 21st, Bharat Heavy Electricals (BHEL) experienced a 2 percent increase in its shares following an announcement of a significant order win from Mahan Energen, an Adani-group subsidiary. The order, valued at approximately Rs 4,000 crore, entails BHEL's supply of power generation equipment for an upcoming 2x800 power project in Bandhaura, Madhya Pradesh. The state-owned company will provide essential heavy equipment including boilers, turbines, generators, and associated auxiliaries, along with control and instrumentation mechanisms. BHEL's responsibilities extend to overseeing and commissioning the project, which employs supercritical technology.

Murugappa Group stocks jump up to 6%

On August 21st, shares of companies within the Murugappa Group saw positive movements as a result of an agreement within the Murugappa family to resolve disputes stemming from the division between the late MV Murugappan's family branch (comprising Valli Arunachalam and Vellachi Murugappan) and other family members following his passing. This development led to gains in key stocks of the Group, including Carborundum Universal, Cholamandalam Investment and Finance, EID Parry (India), Tube Investments of India, and Shanthi Gears, with increases of up to 6 percent on the BSE.

PNB Housing Finance rallies 7%

During the early trading session on August 21st, PNB Housing Finance experienced a notable 7 percent surge in its shares following the successful recovery of a corporate non-performing account amounting to Rs 784 crore. The housing finance firm effectively employed a targeted and multifaceted resolution approach to fully resolve and recoup the substantial corporate non- performing account, equivalent to 1.3 percent of its loan assets as of June 2023. This achievement was reported through an official filing with the exchanges.

Indian Hume Pipe Company up 5%

Indian Hume Pipes Company witnessed an 8 percent surge in its shares on August 18th subsequent to the company's announcement of securing a letter of award (LoA) from the Government of Odisha. The LoA pertains to a substantial rural piped water supply project valued at Rs 639.16 crore. According to the exchange filing, the company has been entrusted with the execution and maintenance of an expansive rural water supply initiative sanctioned by the Department of Rural Water Supply and Sanitation. The project encompasses the implementation of a water supply scheme across six blocks within Odisha's Puri District over a two-year period, followed by a five-year responsibility for its operation and maintenance upon completion.

Conclusion

In today's market update, the NIFTY 50, SENSEX, and NIFTY BANK indices closed with gains, reflecting a positive sentiment. All three indices concluded above their 20-day moving averages, indicating a bullish trend. Bharat Heavy Electricals (BHEL) saw a 2 percent increase in its shares due to a significant order win from Mahan Energen, while Murugappa Group stocks surged up to 6 percent following a resolution of family disputes. PNB Housing Finance rallied 7 percent after successfully recovering a substantial non-performing account, and Indian Hume Pipes Company witnessed a 5 percent rise after securing a major rural water supply project. Overall, today's market exhibited favorable movements driven by key developments in various sectors.

Source - Moneycontrol