Shares of Bharat Heavy Electricals Ltd. gained after the state-run company commissioned a floating solar photovoltaic plant at NTPC Ramagundam in Telangana.
The 100-megawatt plant, installed across natural raw water reservoir, conserves water by reducing evaporation, the company said in an exchange filing on Thursday. All major components of the plant, solar photovoltaics modules, floaters, transformers, switchgear and cables are indigenous.
With this, BHEL has delivered three floating solar plants in 10 months—25 MW at NTPC Simhadri, 22 MW at NTPC Kayamkulam, and 100 MW at NTPC Ramagundam.
BHEL is among the top engineering, procurement and construction companies in the floating solar segment in the country. It has commissioned 152-MW capacity so far.
Shares of BHEL rose as much as 2.6%, the most in intraday trade since June 24, before closing 2.3% higher.
Of the 23 analysts tracking the company, one suggests a 'buy', four recommend a 'hold' and 18 maintain a 'sell', according to Bloomberg data. The average of the 12-month consensus price target implies a downside of 12.7%.
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