Bharat Heavy Electricals Ltd. has received an order worth Rs 11,000 crore from Adani Power Ltd. and its subsidiary Mahan Energen Ltd. for setting up thermal power projects in two states.
The company will develop three supercritical thermal power projects of 2x800 megawatt each in Kawai, Rajasthan and Mahan in Madhya Pradesh, according to an exchange filing on Monday. The order involves supply of equipment like boiler, turbine, generator and associated auxiliaries along with control and instrumentation as well as supervision of erection and commissioning.
The project is scheduled to be completed in 49 months for Kawai Phase-2, 52 months for Kawai Phase-3, and 55 months for Mahan Phase-3.
BHEL's outstanding order book as of June 30 stood at Rs 1.35 lakh crore, of which power's share is 75%, or Rs 1 lakh crore.
Shares of BHEL surged 2.6% intraday to a three-week high of Rs 304 apiece. It was trading 0.3% higher at Rs 297 by 12:18 p.m. The benchmark NSE Nifty 50 was trading 0.76% higher.
The stock has risen 171% in the last 12 months and 47% on a year-to-date basis. The relative strength index was 47.
Eleven out of the 18 analysts tracking BHEL have a 'sell' rating on the stock, four recommend a 'buy' and three suggest a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 19%.
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