BHEL ends sharply higher amid buzz regarding NTPC's Singrauli Thermal Project

Bharat Heavy Electricals (BHEL) zoomed 12.34% to end at Rs 264.95 after media report suggested that the company could be a potential beneficiary from the third phase of NTPC's Singrauli Super Thermal Power Project.

On Sunday, in a regulatory filing made to the bourses, NTPC had informed that its board, at its meeting held on 3 March 2024, has accorded investment approval for Singrauli Super Thermal Power Project, Stage-III (2x800 MW) at an appraised current estimated cost of Rs 17,195.31 crore.

Media report stated that the company could be a beneficiary from this investment approved by the NTPC's board.

Offering a clarification on the same, BHEL said that the Company had submitted a price bid on 21.12.2023, and is the only bidder, for the mentioned NTPC tender, which is an activity in the normal course of business.

Submission of bid does not result into automatic bagging of an order, therefore, is not required to be informed under Regulation 30 of the SEBI Listing Regulations, 2015, the public sector undertaking said in an exchange filing.

As of now, BHEL has not received any order from NTPC regarding the subject project, it further stated.

State-run Bharat Heavy Electricals (BHEL) is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services to the core sectors of economy. As of 31 December 2023, the Government of India held 63.17% stake in the company.

The company posted a standalone net loss of Rs 163 crore in Q3 FY24 as against a net profit of Rs 31 crore in Q3 FY23. The public sector undertakings income from operations rose by 7% YoY to Rs 5,273 crore in the third quarter.

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