BHEL submits bid for Damodar Valley Corporation power plant in Jharkhand, stock up by 4%

In an exchange filing on Friday, BHEL said that it had submitted an offer for the project in June 2024.”Order is yet to be confirmed by DVC," the filing added.

The clarification followed news reports claiming that the state-owned company had already secured the DVC order.

Reports said that DVC has finalised the tender for the Engineering, Procurement & Construction (EPC) package of Koderma TPS (2X800MW), in Jharkhand, with M/s Bharat Heavy Electricals Ltd. (BHEL) at a price of ₹13,300 crore, on June 26, 2024.

BHEL shares opened Friday's trading session at ₹306, up from the previous closing of ₹296.95, and gained further to hit the day's high. The shares of the state-owned company closed 1.43% higher at ₹301.20 on NSE.

BHEL, headquartered in New Delhi, is a prominent central public sector undertaking and the largest manufacturer of power generation equipment owned by the Government of India. It operates under the administrative control of the Ministry of Heavy Industries.

On May 21, BHEL reported its financial results for the quarter and year ended March 31, 2024. The company reported a 25% decrease in consolidated net profit to ₹489.6 crore from ₹658 crore in the corresponding period last year. The company also informed that its board has recommended a final dividend of ₹0.25 per equity share of ₹2 each on the paid-up share capital for the fiscal year 2023-24.

Over the past 52 weeks, BHEL stock has traded within a wide range, reaching its high of ₹322.50 on May 21, 2024, and touching its lowest point of ₹84.50 on June 28, 2023.