BHEL hits 52-week high after Rs 15,530-crore NTPC order; stock up 12% in 5 days

BHEL has secured an order to set up a 2×800 MW supercritical thermal power project (stage-II) at Lara in Chhattisgarh through international competitive bidding

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Bharat Heavy Electricals Limited (BHEL) shares were up 1.7 percent to hit 52-week high of Rs 121.15 on August 31 after the engineering PSU won a Rs 15,530-crore order from state-run NTPC for a thermal power plant. The order comes days after BHEL bagged a Rs 2,242-crore work from NHPC and a Rs 4,000-crore from an Adani Power subsidiary.

The sock has surged nearly 6 percent in the past five days, ostensibly on the back of its order-winning spree. The stock closed at Rs 118 on August 30. BHEL’s latest NTPC order will be executed over over eight years.

Order wins

BHEL will set up the 2×800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh for NTPC. The order was won through International Competitive Bidding.

The work includes design, engineering, manufacture, supply, construction, testing and commissioning with civil as well as structural works for the EPC package with steam generator capable of biomass co-firing, steam turbine, generator & auxiliaries, emission control systems, control and instrumentation, balance of plant packages etc.

The Unit-1 is to be executed in 48 months and Unit-2 in 52 months.

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BHEL will also supply equipment like boiler, turbine, generators as well as supervise, erect and commission a 2×800 MW power project of Mahan Energen Ltd, a wholly-owned subsidiary of Adani Power, at Bandhaura in Madhya Pradesh, the company said.

Stock call

Broking firm Prabhudas Lilladher said the pick-up in thermal power orders and the company’s focus on diversification in segments such as railways, defence, nuclear and hydro augurs well in the long term.

The stock is trading at PE of 46.8x/26.6x FY24/25E. Prabhudas Lilladher, however, has “reduce” call on BHEL with a target price of Rs 67.

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