Bharat Heavy Electricals Ltd (BHEL) shares rose more than 4% to hit a 52-week high on Monday after the public sector undertaking (PSU) announced bagging a contract worth ₹15,000 crore.
The stock opened higher and rallied further by 4.68% to hit a year’s high of ₹205.60 apiece on the BSE as more than 16 lakh shares of the company changed hands on the bourse.
In the past three months, the stock has rallied more than 56%. In 2023, shares of the company gained 150%.
BHEL said that it has bagged an engineering, procurement, and construction (EPC) contract from NLC India Ltd for a 3x800 MW Talabira thermal power project in Jharsuguda district of Odisha, the PSU informed exchanges in a filing.
The value of the contract is in excess of ₹15,000 crore, exclusive of taxes and duties, BHEL said.
The order consists of the supply of equipment such as a boiler, turbine, generator, and associated auxiliaries, along with electrical, control, and instrumentation (C&I). BHEL would be responsible for erection and commissioning as well as other related civil works for the thermal project.
The equipment for the project will be manufactured at the company’s plants at Haridwar, Hyderabad, Trichy, Bengaluru, Jhansi, Bhopal, Ranipet, Varanasi, and Rudrapur.
The project will be commissioned within 64 months of the Letter of Award (LoA) of the project.
NLC India last week announced that the supply of 2,400 MW from the proposed project has already been secured through Power Purchase Agreements (PPAs) with Tamil Nadu, Odisha, Kerala, and Puducherry.
Fuel linkage is sourced from the 20 MTPA Talabira II & III OCP mines of NLC India Ltd. The mines have been operational since 2020 in the Jharsuguda and Sambalpur districts of Odisha.
BHEL shares were trading 2.9% higher at ₹202.10 apiece on the NSE at 1:56 PM.
(Edited by : Ajay Vaishnav)
First Published: Jan 15, 2024 2:14 PM IST
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