BHEL share price rises 4% after bagging Rs 1,600 crore order
BusinessToday.In October 9, 2019
Bharat Heavy Electricals share price rose 4% from its 52-week low hit in early trade today after the government owned firm said it bagged a Rs 1,600 crore order for the turbine generator (TG) and associated packages for the greenfield 2x660 MW Khurja Super Thermal Power Project in Bulandshahr district of Uttar Pradesh.
BHEL share price climbed 4% percent from its 52-week low of Rs 42.35 to intra day high of Rs 43.95 on BSE. The stock closed 2% higher at Rs 43.65 today. The stock trades below its 50 day moving average of Rs 49.71 and Rs 62.92. The stock closed at Rs 42.80 on Monday.
The mid cap stock has gained after two days of consecutive fall. However, BHEL stock has lost 37% in last one year and 40% since the beginning of this year.
BHEL said, "The order has been placed on BHEL by THDC India Ltd., a joint venture of the govt. of India and the govt. of Uttar Pradesh. BHEL's scope of work in the contract includes design, engineering, manufacture, supply, erection, testing and commissioning of the TG and associated packages for the 2x660 MW Khurja supercritical power project.
Significantly, BHEL envisages indigenous manufacturing and sourcing of both the Turbine-Generator sets for this project, thereby providing impetus to the Govt of India's 'Make in India' initiative."