BHEL Bags Another ₹3,500 Cr Order From Adani Power, Shares Jump

Shares of Bharat Heavy Electricals Ltd (BHEL) were upbeat on Friday after the state-owned company won a large order from Adani Power.

What Happened: The order pertains to the 2×800 megawatt Mirzapur supercritical thermal power plant, which is being established in the Mirzapur district of Uttar Pradesh. This order has been secured from MTEUPPL, a subsidiary of Adani Power Limited, PTI reported.

Earlier in the month, the engineering and manufacturing company announced bagging a similar order from Adani Power for establishing a 1,600-megawatt thermal power plant at Raipur, Chhattisgarh. Both the orders are worth ₹3,500 crore each.

See Also: Why Jefferies Is Cautious On HCLTech Despite Murmurs Of A Fed Rate Cut?

The order includes the supply of key equipment such as the boiler, turbine, generator, and associated auxiliaries. Additionally, it covers control and instrumentation, as well as supervision of the erection and commissioning processes.

Shares of the company that were quiet on Friday shot up sharply, as soon as the announcement made headlines.

Price Action: BHEL's share price was up 1.28% to trade at ₹307.85 in afternoon trade on Friday.

Read Next: LIC Share Price Rockets As Firm Said To Be Looking To Acquire Private Player To Enter Health Insurance Space

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsContractsMarketsMoversTrading IdeasAdani PowerBHEL