Shares of BHEL gained nearly 5 percent in early trades on reports that the engineering and manufacturing enterprise had emerged as the lowest bidder for NLC's Odisha project, outbidding L&T. At 9:50am, the stock was trading at Rs 202.40.
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According to multiple market reports on January 1, BHEL ( Bharat Heavy Electricals Limited) has won a Rs 19,422-crore job from NLC for a Talabira project. While Moneycontol could not independently verify the details, multiple reports say that BHEL was the lowest bidder for the Rs 19,422-crore project, beating out L&T. The reports add that under this turnkey contract, BHEL will build three ultra supercritical units of 800 MW each for NLC India at Talabira, Odisha. Additional chatter suggests that L&T had not bid for the contract and that the order is unlikely in FY2024 and no work is expected in FY2025 as the project doesn't have land assigned yet.
Also read: Narrative on NTPC stock keeps changing on market’s whims, says Kotak Institutional Equities
In Q2FY24, BHEL reported a consolidated net loss of Rs 238.12 crore as against a profit of Rs 12.10 crore in the previous fiscal. Total income for the reporting period fell to Rs 5,305.38 crore from Rs 5,418.74 crore in the same period a year ago.
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