Oman order shot in the arm for Bhel

DALAL STREET SPIKES

The Bhel share was in the limelight on Tuesday, gaining 2.65 per cent on reports that the company has bagged an order worth Rs 115 crore for three compressor packages in Oman.

The order was placed by Petroleum Development Oman (PDO), a joint venture company of the Oman government, Royal Dutch/Shell group of companies, Total and Partex.

The stock on Tuesday hit a high of Rs 608.50 before closing at Rs 604.50 on the back of a strong volume of more than 2.68 lakh shares on the BSE.

Analysts said the counter has been in the limelight of late because of the strong order book of the company for 2004.

For the present order, Bhel will supply three compressor packages to be installed at Yibal, about 500 km from Muscat. The compressors are to be delivered by March 2006. This is the second order for compressors received from PDO.

The first compressor order received in June PDO's Lekhwair project is presently under execution.