Bhel rises after bagging order

Bharat Heavy Electricals rose 1.99% to Rs 43.65 after the company said it won major turbine generator package order for 2x660 MW thermal power project in Uttar Pradesh.

Bhel said it bagged a significant order for the turbine generator (TG) and associated packages for the greenfield 2x660 MW Khurja super thermal power project in Bulandshahr district of Uttar Pradesh. Valued at around Rs 1,600 crore, the order has been placed by THDC India, a joint venture of the Government of India and the Government of Uttar Pradesh.

Bhel's scope of work in the contract includes design, engineering, manufacture, supply, erection, testing and commissioning of the TG and associated packages for the power project. The announcement was made during trading hours today, 9 October 2019.

Shares of Bhel tanked 9.32% in the past two trading sessions to settle at Rs 42.80 on 7 October 2019, from its close of Rs 47.20 on 3 October 2019.

Meanwhile, the S&P BSE Sensex was up 607 points or 1.62% to 38,138.83.

On the BSE, 13.44 lakh shares were traded in the counter so far compared with average daily volumes of 12.14 lakh shares in the past two weeks. The stock hit an intraday high of Rs 43.95. It hit an intraday low of Rs 42.35, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 78.75 on 16 April 2019.

On a consolidated basis, Bhel reported net loss of Rs 217.72 crore in Q1 June 2019 compared with net profit of Rs 40.69 crore in Q1 June 2018. Net sales declined 23.9% to Rs 4,411.09 crore in Q1 June 2019 over Q1 June 2018.

Bhel is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors.

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