Bharat Heavy Electricals’ shares were on the rise on Tuesday despite a clarification from the firm that it had not yet won the bid for a power plant in Odisha.

What Happened: BHEL issued a clarification late on Monday to state that it has not yet secured the ₹19,400 crore order from NLC India. Reports in the media had earlier suggested that BHEL had been awarded the contract for the Talabira Power Plant in Odisha.

In its exchange filing, BHEL clarified that the company had submitted a price bid for the NLC order, characterising it as a routine business activity. The submission of a bid, as per BHEL, does not automatically translate into the acquisition of an order.

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Media reports indicated that NLC India had granted the contract for the Talabira Power Plant to BHEL, with BHEL purportedly being the sole bidder in the final round for the three ultra supercritical units at Talabira.

The Talabira project comprises three 800-megawatt ultra supercritical power projects, utilizing coal from the captive Talabira coal mines.

BHEL emphasised that it has not withheld any information pertinent to its operations or performance.

Price Action: Following the media reports, shares of BHEL experienced a surge of over 5%, with BHEL closing 2.38% higher at ₹198.15 on Monday.

On Tuesday, the stock was up 1.41% at ₹201.05 despite the clarification, though it was slipping quickly near the start of trade.

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