Shares of Bharat Heavy Electricals Ltd (BHEL) hit a 52-week high of Rs 186.20 on 15 December after the company entered into an agreement with the Central Manufacturing Technology Institute (CMTI) for collaborating on technology development in hydrogen value chain and Industrial Internet of Things solutions.

In its regulatory filing, the company said that the collaboration with CMIT will be focused on predictive maintenance of machines and manufacturing processes.

Central Manufacturing Technology Institute (CMTI) is an autonomous institute that is under the administrative control of the Ministry of Heavy Industries.

In its quarterly report for July-September, BHEL reported a net loss of Rs 238.1 crore during the quarter from Rs 12.1 crore net profit reported in the same quarter last year.

The revenue of the company during the quarter stood at Rs 5,125.3 crore, which is a 1.5% year-on-year decline from Rs 5,202.6 crore reported in the same quarter during the previous fiscal year.

Bharat Heavy Electricals Ltd is a public sector undertaking under the Ministry of Heavy Industries and is one of India’s largest engineering and manufacturing enterprises in the energy and infrastructure space.

At 10:34 am, the shares of BHEL were trading 1.24% higher at Rs 183.65 on NSE.