Bharat Heavy Electricals rose 2.53% to Rs 275.05 at 15:00 IST on BSE after the company said it won a contract of Rs 3810 crore to set up first Supercritical Power Project in Telangana.
The company made announcement during market hours today, 2 January 2015.
Meanwhile, the S&P BSE Sensex was up 344.63 points or 1.25% at 27,852.17.
On BSE, so far 3.24 lakh shares were traded in the counter as against average daily volume of 5.83 lakh shares in the past one quarter.
The stock hit a high of Rs 276.65 and a low of Rs 269 so far during the day. The stock hit a 52-week high of Rs 291.50 on 26 May 2014. The stock hit a 52-week low of Rs 145.75 on 14 February 2014.
The stock had outperformed the market over the past one month till 1 January 2015, falling 2.08% compared with Sensex's 3.68% fall. The scrip had also outperformed the market in past one quarter, gaining 34.39% as against Sensex's 3.54% rise.
The large-cap electric equipment manufacturer has equity capital of Rs 489.52 crore. Face value per share is Rs 2.
The newly formed state of Telangana has entrusted Bharat Heavy Electricals (Bhel) with the setting up of Telangana first Supercritical Thermal Power Plant. Valued at Rs 3810 crore , the order for setting up the 1x800 megawatts (MW) Supercritical Thermal Power Plant on EPC (Engineering, Procurement & Construction) basis at Kothagudem in Khaimah District of Telangana, has been placed on the company by the Telangana State Power Generation Corporation (TSGENCO). To this effect, an advance cheque of Rs 350 crore was handed over by the Chief Minister of Telangana, K. Chandrasekhar Rao to Chairman & Managing Director, Bhel, B. Prasada Rao.
Significantly, the project is targeted to be commissioned in 36 months on fast track basis with both Bhel and TSGENCO setting up teams to expedite clearances and execution of the project.
Notably, as a testimony to Bhel's capabilities in setting up of power projects as well as the excellent performance of these plants, TSGENCO has entered into an MoU with Bhel for construction of new thermal power plants totalling to 6,000 MW in the state in the next three years to meet the increasing demand for power, which has been identified as a crucial factor for the development of the state. Bhel's scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing & commissioning of the 1x800 MW supercritical set on EPC basis. The key equipment for the contract will be manufactured at Bhel's Trichy, Hyderabad, Haridwar, Bhopal, Ranipet, Bangalore and Jhansi plants, with the company's Power Sector - Western Region to be responsible for civil works and erection / commissioning of the equipment.
With this project, Bhel has now won orders for supply and installation of 36 supercritical boilers and 31 turbines of 660 / 700 / 800 MW ratings.
Bhel's net profit fell 72.6% to Rs 124.84 crore on 33.1% decline in total income to Rs 6340.14 crore in Q2 September 2014 over Q2 September 2013.
Powered by Capital Market - Live News
