Shares of state-owned Bharat Heavy Electricals (BHEL) were climbing on Thursday after the company won a major contract from Adani Power.

What Happened: BHEL said it has secured an order from Adani Power to establish a 2×800 megawatt Raigarh Phase-II thermal power plant in Raigarh, Chhattisgarh. This order marks BHEL’s second major win in March and its fourth for the year.

The project, with an estimated cost of ₹4,000 crore excluding goods and services tax, involves the supply of equipment such as boilers, turbines, and generators, and overseeing the erection and commissioning of the power plant using supercritical technology.

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Scope Of Work: BHEL will manufacture the boiler and turbine generator at its plants in Trichy and Haridwar, respectively. The company is committed to completing the supply of the first unit within 31 months of contract execution, with the second unit expected to be delivered within 35 months.

Earlier in March, BHEL secured another significant order from NTPC to set up the 200-megawatt Singrauli superthermal power project in Uttar Pradesh, valued at ₹9,500 crore, excluding GST. BHEL was the sole bidder for this project.

These orders have contributed to the positive sentiment around BHEL’s stock, which saw a rise earlier in the year following a major ₹15,000 crore order win from NLC India for the Talabira Power Project. Analysts anticipate further growth in BHEL’s stock, with expectations of it reaching levels of ₹300 in the coming months, supported by robust order inflow.

Price Action: Shares of BHEL jumped 2.1% to ₹248.20 near the start of trade on Thursday.

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