BHEL shares settle 9 pc higher on receiving over Rs 3,500 crore order from Adani Power

New Delhi: Shares of BHEL on Thursday ended 9 per cent higher after the company said it has secured an order worth over Rs 3,500 crore from Adani Power Limited to set up a thermal power project in Raipur, Chhattisgarh.

The stock jumped 14.57 per cent to Rs 292.45 during the day on the BSE. It later ended at Rs 278.15 apiece, up 8.97 per cent.

On the NSE, it climbed 14.48 per cent to Rs 292.35 in intra-day. The stock later ended with a jump of 9 per cent at Rs 278.50 per piece.

The contract, signed on June 5, involves the supply of equipment (boiler, turbine, generator) and supervision of erection and commissioning for a 2×800 mega watt power project based on Supercritical Technology, as stated in BHEL’s exchange filing.

The order’s total worth exceeds Rs 3,500 crore, excluding GST. BHEL specified that the boiler and turbine generator would be manufactured at its Trichy and Haridwar plants, respectively.

BHEL is one of India’s largest engineering and manufacturing enterprises, particularly prominent in the energy and infrastructure sectors. Apart from its primary focus on power equipment, BHEL is actively expanding its expertise into areas including defence, aerospace, urban mobility, and railways.

In the January-March quarter of FY24, the company recorded a consolidated net profit of Rs 489.62 crore, marking a decline of 25.6 per cent from Rs 658.02 crore in the same period last year, primarily due to increased expenses. However, the firm’s net profit surged sevenfold from Rs 60.31 crore sequentially.

Consolidated revenue from operations witnessed a marginal Y-o-Y growth of 0.4 per cent, reaching Rs 8,260.25 crore compared to Rs 8,226.99 crore, while sequentially, revenue soared by 50 per cent from Rs 5,503.81 crore.