Shares of Bharat Heavy Electricals Ltd (BHEL) were gaining after the state-owned engineering and manufacturing firm won a large order from Adani Power.
What Happened: The public sector firm said after market hours on Wednesday that it received a ₹3,500-crore order from Adani Power for establishing a 1,600 megawatt thermal power plant at Raipur, Chhattisgarh.
The boiler and turbine generator for the project will be manufactured at BHEL's Trichy and Haridwar plants, respectively.
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BHEL said the order includes the supply of equipment such as the boiler, turbine, generator and associated auxiliaries, along with control and instrumentation, and supervision of erection and commissioning.
Price Action: BHEL’s share price was up 10% at ₹280.85 in early trade on Thursday. The firm has gained over 40% so far this year. However, it is still recovering from a massive 21% drop from its record high amid a broad sell-off in the market following a weaker-than-expected for the ruling Narendra Modi-led National Democratic Alliance.
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