BHEL stock climbs 3.7% after bagging Rs 13,300 crore thermal plant deal
BHEL stock climbs 3.7% after bagging Rs 13,300 crore thermal plant deal
Shares of Bharat Heavy Electricals Ltd (BHEL) rose 3.7 percent in early trade after the company received a contract worth Rs 13,300 crore to establish a 1600 MW thermal power plant in Koderma, Jharkhand. Awarded by the Damodar Valley Corporation (DVC), this project marks a pivotal step in the government's efforts to bolster the nation's energy security.
At 10.30 AM, BHEL shares traded 2 percent higher at Rs 303. The stock has gained over 57 percent in the past six months, outperforming Nifty 50 which gained a little over 10 percent during the same period.
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DVC has finalised the tender for the engineering, procurement, and construction (EPC) package of the Koderma Thermal Power Station (2X800MW). Scheduled for completion by BHEL, this initiative is poised to augment DVC's installed thermal generation capacity to 8,140 MW by 2030. The project is expected to not only fortify energy infrastructure but also stimulate economic growth in the region, offering substantial benefits to local communities.
BHEL is an Indian central public sector undertaking and the largest government-owned power generation equipment manufacturer. It is owned by the Government of India, with administrative control by the Ministry of Heavy Industries.
On May 21, BHEL reported a 25 percent decline in net profit at Rs 484.36 crore for the quarter ended March 31, 2024, amid higher expenses by the company.
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