MUMBAI: Labelled the dream project of Prime Minister Narendra Modi, the Mumbai-Ahmedabad bullet train project rolled out on Thursday. But what is really note-worthy is Bharat Heavy Electricals Ltd (BHEL) getting the prestigious contract of making the wagons for the project.
BHEL is the company that built Electrical Multiple Units (better known as the local train by Mumbaikars) to run on the suburban tracks of Mumbai. Although operated by Central Railway for some period, these AC/DC EMUs were done away with and an order was placed with Siemens of Germany.
An unusually large build-up of long positions was seen in the September futures of Bharat Heavy Electricals on Thursday. Open interest in the contract surged 34%, the highest change in open interest seen across derivatives contracts on the NSE on Thursday. The stock closed 3.4% higher at 136.85 rupees as one of leading gainers on the Nifty 200 index on Thursday. The technocrats at BHEL must be happy now with the bullet train order in their kitty. All said and done, life has taken a full circle for BHEL.