Bharat Heavy Electricals Ltd. was awarded a contract worth Rs 6,500 crore from Adani Power Ltd. for six thermal units of 800 MW, according to an exchange filing from the company on Friday.
The project involves the supply of a steam turbine generator along with its auxiliaries, and supervision of the erection and commissioning for six thermal units of 800 MW.
Share price of Adani Power surged on Friday, during market hours after the company applied to distribute electricity to various regions of Maharashtra, as part of its expansion efforts outside of financial capital.
Its stock had risen as much as 4.96% at Rs 606.80 apiece.
The company plans to reach 31 GW of capacity by 2030, according to a statement from Chairman Gautam Adani at an annual general meeting.
Shares of BHEL's closed 0.13% lower at Rs 264.10 apiece on the NSE, compared to a 0.35% rise in the benchmark Nifty. The stock has fallen 11.06% in the last 12 months and 15.13% on a year-to-date basis.
Out of 17 analysts tracking the company, seven have a 'buy' rating on the stock, three recommend 'hold' and seven suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 13.2%.
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