BHEL Shares Surge 9% on Adani Power Order - Business News
Jun 06, 2024 16:37
BHEL stock closed 9% higher after securing a Rs 3,500 crore order from Adani Power for a thermal power project in Chhattisgarh. Adani Power shares also saw a significant rise.
Photograph: Amir Cohen/Reuters
New Delhi, Jun 6 (PTI) Shares of BHEL on Thursday ended 9 per cent higher after the company said it has secured an order worth over Rs 3,500 crore from Adani Power Limited to set up a thermal power project in Raipur, Chhattisgarh.
The stock jumped 14.57 per cent to Rs 292.45 during the day on the BSE. It later ended at Rs 278.15 apiece, up 8.97 per cent.
On the NSE, it climbed 14.48 per cent to Rs 292.35 in intra-day. The stock later ended with a jump of 9 per cent at Rs 278.50 per piece.
The company's market valuation rallied Rs 7,973.93 crore to Rs 96,853.59 crore.
Shares of Adani Power also zoomed 8.79 per cent to Rs 790 during the day on the BSE. Later, it settled at Rs 749.20 each, up 3.17 per cent.
It has "signed contract agreement on June 5, for the supply of equipment (boiler, turbine, generator) and supervision of erection and commissioning for 2x800 MW power project based on Supercritical Technology", Bharat Heavy Electricals Ltd (BHEL) said in an exchange filing on Wednesday.
The order's total worth is more than Rs 3,500 crore, excluding the GST, the company added.
The boiler and turbine generator will be manufactured at its Trichy and Haridwar plants, respectively, BHEL said.
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