BHEL on Friday said it had entered into a long-term MoU with Horizon Fuel Cell Technologies Pte Ltd, Singapore. The 10-year exclusivity clause covers business sharing and joint development of hydrogen fuel cell technology for transportation applications.
Through this tie-up, BHEL plans to develop a hydrogen fuel cell-powered railway locomotive to generate electricity, marking its foray into a new market segment.
Separately, earlier this month (September 3), BHEL announced that it had accepted a letter of intent worth about Rs 2,600 crore (excluding GST) from MB Power (Madhya Pradesh) Limited. The order for the supply of boiler, turbine, generator, and auxiliaries at the 1×800 MW Anuppur thermal power project is to be executed within 58 months.
The boiler will be manufactured at BHEL’s Trichy plant, while the turbine generator will be built at its Haridwar facility. The company clarified that neither the promoter, promoter group, nor group companies have any interest in MB Power.
BHEL had reported a consolidated net loss of Rs 445.50 crore in the June quarter, wider than the Rs 211.40 crore loss a year earlier, even as revenue from operations inched up 0.03% to Rs 5,486.91 crore.
Market performance
The stock gained 0.62% to close at Rs 212.40 on BSE on Friday.From a technical standpoint, the stock is trading below all eight of its key simple moving averages (5-day through 200-day), reflecting bearish undertones in both short- and long-term charts.
The Relative Strength Index (RSI) is at 37.3, while the Moving Average Convergence Divergence (MACD) stands at -7.3, remaining below the center line.
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