BHEL has hardened after bagging a Rs 3,348 crore contract to set up a captive power plant in Orissa. The stock is trading at Rs 1580, stronger by Rs 25 or 1.6%, on the BSE. The shares had opened at Rs 1550, which also happened to be the day's low, and have touched a high of Rs 1581 thus far.
The state-run power equipment maker has won a turnkey contract for setting up an energy efficient and environment-friendly 376 MW captive power plant at the upcoming Paradip Refinery Project of Indian Oil Corporation Limited (IOC) in Orissa, a company release said.
BHEL would be involved in designing, engineering, manufacturing, supplying, erecting and commissioning the captive power plant.