BHEL shares jump 3% on ₹7,500 order win from Gujarat State Electricity Corp

Shares of Bharat Heavy Electricals rose over 3 per cent on Friday on the back of a ₹7,500 crore order win from the Gujarat State Electricity Corporation. 

 

BHEL's stock rose as much as 3.45 per cent during the day to ₹231.6 per share, the biggest intraday gain since March 4 this year. The stock later pared gains to trade 2.6 per cent higher at ₹211.9 apiece, compared to a 0.66 per cent advance in Nifty 50 as of 11:28 AM. 

 

Shares of the company extended gains to their fifth day while they have fallen 7.66 per cent this year, compared to a 1.7 per cent fall in the benchmark Nifty 50. The stock has risen by 20 per cent since hitting a low of ₹176 earlier this month. The counter currently trades at the highest level since February 5 this year with a total market capitalisation of ₹73,906.7 crore, according to BSE data.   ALSO READ | Stock Market LIVE: Sensex 550 pts higher at 76,900; Nifty at 23,350; Auto, Financials gain

 

In an exchange filing on Friday, BHEL said that is received an Letter of Intent (LOI) for engineering, procurement, and construction package for 1x800 megawatts (Mw) Ukai Extn Unit No. 7 in the Tapi District in Gujarat. The nature of work will include supply of equipment including boiler, turbine, generator and associated auxiliaries along with erection, commissioning and civil works, it said in the statement. The commercial operation are expected to began within 54 months, the filing added.  

 

Early last month, the BHEL secured an order worth ₹6,700 crore from Singareni Collieries Company (SCCL) to set up an 800 Mw thermal power unit in Telangana.   ALSO READ | Unichem Labs up 5% on completing capacity expansion at Pithampur plant

 

As India's foremost power equipment manufacturer, with over 1.7 lakh Mw of utility power capacity installed across the country, BHEL continues to play a pivotal role in bolstering India's energy security and supporting the vision of self-reliance in the power sector. The firm caters to key sectors such as power, transmission, industry, transportation, renewable energy, oil & gas, and defence. As the premier engineering and manufacturing enterprise in the country, BHEL is owned and operated by the Government of India.

 

Meanwhile, the company posted over twofold jump in consolidated net profit at ₹134.70 crore for December quarter mainly on the back of higher revenues. BHEL had logged a profit of ₹60.31 crore in the quarter ended December 31, 2023. Total income rose to ₹7,385 crore in the quarter from ₹5,599.63 crore in the same period a year ago.