The shares of Bharat Heavy Electricals Limited (BHEL) on Thursday, June 6, surged over 14.60 per cent after the company on June 5 announced through an exchange filing that it had secured a significant contract worth more than Rs 3,500 crore from Adani Power to develop a thermal power project in Raipur, Chhattisgarh.
Following the announcement, the company shares on the Bombay Stock Exchange (BSE) in the early trading hours on Thursday jumped 14.57 per cent, trading at Rs 292.45. Similarly, on the National Stock exchange (NSE), the shares were trading at Rs 292.35, up by 14.48 per cent.
Additionally, the Adani power shares also saw a substantial surge, rallying nearly 8 per cent to Rs 782.30 on the BSE.
BHEL Share - NSE | Google
About the contract
The BHEL on Wednesday through the regulatory filling said that the company has signed a contract Agreement with Adani power on June 5th, 2024 for Supply of equipment such ad boiler, turbine, generator and Supervision of Erection & Commissioning for 2x800 MW power project based on Supercritical Technology at Raipur, Chhattisgarh.
According to BHEL, the boilers will be manufactured at their plant in Trichy, while the turbines and generators will be produced at the Haridwar plant. The total value of the order exceeds Rs 3,500 crore, not including GST.
The order/contract is to be executed within 35 months for Unit-1 and 41 months for Unit-2, according to the company.
Share performance
The shares of BHEL on Thursday at 12:35 pm IST were trading at Rs 285.15, up by 11.67 per cent.
Similarly, the shares of Adani power were also trading in green at Rs 768.90, a surge of 5.81 per cent.
