BGR Energy reacts to LT-Mitsubishi's interest in power JV

BGR Energy Systems erased majority of its gains after the stock markets witnessed a mayhem following a crisis in the government. The stock had shot up 20 percent in early trade after media reports indicated that the joint venture of L&T & Mitsubishi Heavy Industries is looking to buy power venture of BGR & Hitachi Power Europe GmBH.

According to newspaper Mint, the BGR-Hitachi joint venture has orders valued at around Rs 3,000 crore.

"BGR holds 51 percent stake in the turbine unit, BGR-Hitachi TG, with the rest held by Hitachi and BGR has a 70% stake in the boiler unit, BGR-Hitachi Boilers, with the rest held by Hitachi. The units have a manufacturing capacity of 3,000 megawatts (MW) each," the report said.

At 12:58 hours IST, shares rose 1 percent to Rs 203.80 on Bombay Stock Exchange.

Trading volumes increased 127 percent to 44,754 equity shares as against five-day average of 19,740 shares.

The share touched its 52-week high Rs 369.10 and 52-week low Rs 199.00 on 20 April, 2012 and 18 March, 2013, respectively.
 
Currently, it is trading 44.78% below its 52-week high and 2.41% above its 52-week low.
 
Market capitalisation of the company currently stands at Rs 1,470.65 crore.

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