Shares of Bharat Heavy Electricals rallied 14.5% during morning trade hours to reach an intraday high of Rs 292.35 after the company got an order worth Rs 3,500 crore. The company received the order from Adani Power to build a 1,600 MW thermal power plant in Raipur, Chhattisgarh.
On Wednesday, in an exchange filing, Bharat Heavy Electricals said it received a Rs 3,500 crore order from Adani Power to establish a 1,600 MW Thermal Power Plant at Raipur, Chhattisgarh. “Bharat Heavy Electricals Limited has received an order from Adani Power Ltd for setting up the 2×800 MW TPP at Raipur, Chhattisgarh,” said the company in an exchange filing.
“Contract Agreement signed on 5th June 2024 for Supply of equipment (Boiler, Turbine, Generator) and Supervision of Erection & Commissioning for 2×800 MW power project based on Supercritical Technology at Raipur, Chhattisgarh. Boiler and Turbine Generator are to be manufactured at BHEL’s Trichy and Haridwar plants respectively,” read the filing.
In the last five days, the stock of BHEL has fallen 14%. However, it gave a return of over 43% in the past six months and almost 205% in the last year. The stock has surged almost 29% from year to date.
Of Adani Power, the shares have risen 2% in the last five days after getting hard hit on the day of the election results. The scrip has risen 30% in the last six months and over 176% in the past year. The stock has given a return of 39% from year to date.
To compare, the benchmark index Nifty 50 has risen 0.3% in the last five days and 8% in the past six months. The index has given a return of 4% from year to date and it has risen almost 22% in the last year.
