Shares of Bharat Heavy Electricals (BHEL) rallied more than 3 percent on getting big EPC contract from country's largest power generation company NTPC.
"NTPC's joint venture utility in Bangladesh has awarded engineering, procurement and construction contract to Indian equipment maker BHEL for an estimated value of USD 2.4 billion," a media report said.
This contract involves setting up two units of 650 MW each along with civil construction at Rampal in Bagerhat district, it added.
Bangladesh India Friendship Power Company (BIFPCL) is 50:50 joint venture between the Bangladesh Power Development Board and NTPC.
Meanwhile, the company last week said it created history by way of commissioning/synchronizing an all-time high 15,059 MW of power generating equipment in FY16. With this, the worldwide installed base of power generating equipment supplied by BHEL has exceeded 170 GW.
The company also achieved highest order booking in last five years, at Rs 43,727 crore, a growth of 42 percent over FY15.
The state-run power equipment maker also declared its flash results for FY16. It posted a loss of Rs 877 crore in financial year 2015-16 against profit of Rs 1,419 crore in previous year and revenue declined 13.7 percent to Rs 26,700 crore during the year compared to Rs 30,947 crore in earlier year.
At 11:32 hours IST, the scrip of Bharat Heavy Electricals was quoting at Rs 124.55, up Rs 2.10, or 1.71 percent on Bombay Stock Exchange.
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