BHEL shares rise 3% on ₹11,800 crore order win from Chhattisgarh Power Co

Shares of Bharat Heavy Electricals rallied nearly 3.5 per cent on Friday after it bagged orders worth ₹11,800 crore from Chhattisgarh State Power Generation Company. 

 

BHEL's stock rose as much as 3.42 per cent during the day to ₹221.3 per share, the biggest intraday gain since March 24 this year. The stock later trimmed gains to trade 2.76 per cent higher at ₹219.8 apiece, compared to a 0.04 per cent advance in Nifty 50 as of 12:10 PM. 

 

Shares of the company extended gains to their second day on Friday. The stock has fallen 4.66 per cent this year, compared to a 0.18 per cent fall in the benchmark Nifty 50. The stock has risen by 25 per cent since hitting a low of ₹176 earlier this month. The company has a total market capitalisation of ₹76,083.08 crore, according to BSE data. 

 

The heavy electrical equipment manufacturer received a Letter of Intent (LoI) for the engineering, procurement, and construction (EPC) package of the 2x660 MW Korba West Super Thermal Power Project. According to the exchange filing, the order involves the supply of supercritical equipment boilers, turbines, generators, and associated auxiliaries along with electrical, control and instrumentation (C&I), balance of plant packages, erection and commissioning works and civil works. 

 

The total value of the order is approximately ₹11,800 crore, and the project is expected to be completed with commercial operations within 60 months.

 

Last week, the Navratna PSU won a ₹7,500 crore order from the Gujarat State Electricity Corporation. 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. 

 

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 the December quarter mainly on the back of higher revenues. BHEL 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.