Ifb Gets Approval To Move Towards Bifr

The Bharat Heavy Electricals Ltd (Bhel) share yesterday gained over 6.26 per cent at the National Stock Exchange (NSE) on reports that the company has bagged order worth Rs 880 crore from the National Thermal Power Corporation (NTPC).

 

Though company officials could not be reached for confirmation, analysts tracking the company confirmed the developments.

 

According to sources, the order is part of the Rs 2,300-crore orders for the Talcher power project in Orissa.

 

The order will be executed over a period of three to four years. The remaining part of the Rs 2,300-crore is expected to be awarded in the next 15 to 20 days, analysts said. A formal letter from NTPC confirming these orders is learnt to have been received by Bhel on Monday. Based on the tenders opened by NTPC a few months ago, Bhel emerged the lowest bidder. The company was to get the orders in the due course of time and the market was all along speculating on the exact timing.

 

The company opened the current financial year with an order-book in excess of Rs 11,000 crore.

 

With NTPC's current order the Bhel's total order book would go up to Rs 11,800 crore.

 

At the Bombay Stock Exchange (BSE) the stock opened at Rs 236 and jumped to the day's high of Rs 254.10, closing marginally lower at Rs 253.60. At the NSE the stock closed at Rs 253 against its previous close of Rs 238.10.

 

The stock witnessed a combined volume of 43 lakh shares yesterday.

 

Meanwhile, it is reliably learnt that two leading foreign funds picked up close to half a million shares of the company yesterday.

 

Analystsare of the view that changes in the import and excise duties in the budget were positive, though largely neutralised by the surcharge on corporate tax.

 

"But the general feel-good factor and buoyancy returning to investors and industrialists augurs well," commented an analyst with a foreign brokerage.