Bharat Heavy Electricals rose 3.74% to Rs 209.50 at 9:16 IST on BSE after the company said it bagged a Rs 7800 crore contract for setting up a 1,320 megawatts thermal power project in Tamil Nadu.
The announcement was made after market hours on Wednesday, 8 October 2014.
Meanwhile, the BSE Sensex was up 224.65 points, or 0.86%, to 26,471.44.
On BSE, so far 32,000 shares were traded in the counter, compared with an average volume of 5.74 lakh shares in the past one quarter.
The stock hit a high of Rs 210.25 and a low of Rs 208 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 131.05 on 13 November 2013.
The stock had underperformed the market over the past one month till 8 October 2014, falling 9.80% compared with 3.93% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.94% as against Sensex's 2.60% rise.
The large-cap company has an equity capital of Rs 489.52 crore. Face value per share is Rs 2.
Bharat Heavy Electricals (Bhel) said it bagged a contract for setting up a 1,320 megawatts (MW) supercritical thermal power project on engineering, procurement & construction (EPC) basis from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) valued at around Rs 7800 crore. The order for setting up a 2x660 MW coal-fired supercritical thermal power project at Ennore special economic zone (SEZ) in Tamil Nadu. For this tender, Bhel has partnered with Power Finance Corporation (PFC), another PSU, by syndicating the financing package in the current competitive environment.
Bhel's net profit fell 58.42% to Rs 193.50 crore on 21.35% decline in total income to Rs 5502.76 crore in Q1 June 2014 over Q1 June 2013.
The company's outstanding order book stood at about Rs 97400 crore as on 30 June 2014.
Bhel is the largest engineering and manufacturing enterprise in India in the energy related/infrastructure sector. The company caters to the core sectors including power, transmission, industry, transportation, renewable energy, oil & gas and defence.
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