Bharat Heavy Electricals Ltd (BHEL) shares skyrocketed 14% on 6  June after the company announced securing a significant order worth Rs 3,500 crore from Adani Power. 

According to the deal, BHEL will supervise the power project’s commissioning utilising “supercritical technology” for the building of a 2×800 megawatt (MW) thermal power plant (TPP) in Raipur, Chhattisgarh, as well as supply boilers, turbines, generators, and other associated auxiliaries.

According to the company, BHEL will produce turbine generators and boilers at its operations in Haridwar and Trichy, respectively. According to the state-owned corporation, the order requires that Unit-1 and Unit-2 be delivered in 35 and 41 months, respectively.

Furthermore, BHEL’s building of a 2×800 MW thermal power plant in Mirzapur Phase I, Uttar Pradesh, which has been sanctioned by Mirzapur Thermal Energy (UP) Private Ltd. The value of this contract exceeds Rs 3,500 crore.

The company’s net profit for the fourth quarter of its fiscal year decreased by 26% year over year to Rs 489.6 crore from Rs 658 crore in the corresponding quarter of the previous year. Despite the drop in profit, the company’s operating revenue increased by 0.4% to Rs 8,260.3 crore from Rs 8,227 crore in the same period of the previous fiscal year.

At 12:33 pm, the shares of Bharat Heavy Electricals were trading 11.87% higher at Rs 285.65 on NSE.