BHEL Emerges As Lowest Bidder For NPCI Project; Shares Rise
Shares of Bharat Heavy Electricals Ltd. rose after the engineering and manufacturing company said it has emerged as the lowest bidder for a Nuclear Power Corporation of India project.
BHEL, through an open competitive bidding process, emerged as the lowest bidder for a fleet mode tender floated by NPCI. The 6x700 MW turbine island package projects are valued at close to Rs 10,800 crore, according to an exchange filing.
“Significantly, with this, BHEL retained its market leadership position of being the sole Indian supplier of nuclear steam turbines,” it said.
BHEL has already supplied 2X700 MWe steam turbine generator sets each for units 3 and 4 of Kakrapar Atomic Power Plant and units 7 and 8 of Rawatbhata Atomic Power Plant, the filing said.
“The company aims to continue making a major contribution towards self-reliance in nuclear equipment production and initiatives taken will be a driving force towards the AatmaNirbhar Bharat abhiyaan,” it said.
Shares of BHEL gained as much as 7.4% around 9:30 a.m. to Rs 53.8 apiece. Of the 32 analysts tracking the company, four have a ‘buy’ rating, 10 suggest a ‘hold’ and 18 have a ‘sell’, according to Bloomberg data. The stock is trading 38.4% higher than the 12-month consensus price target of Rs 32.56.