BHEL shares rise as company wins Power Grid order in Gujarat
The contract for installing synchronous condensers is valued between Rs 600 crore and Rs 900 crore, excluding GST.
Shares of Bharat Heavy Electricals (BHEL) climbed over 3 per cent on Wednesday after the company secured a contract from Power Grid Corporation of India. According to Business Standard, the order involves installing two synchronous condensers at Kalyanpur in Gujarat.
The project, valued between Rs 600 crore and Rs 900 crore excluding GST, is being executed on behalf of a project special purpose vehicle (SPV). The work includes the design, engineering, manufacturing, supply, erection, testing, and commissioning of two +300/-200 MVAR capacity synchronous condensers.
This initiative is linked to the transmission system for integrating power from renewable energy projects within the Jam Khambhaliya Renewable Energy Zone (REZ) in Gujarat. BHEL stated that the order does not involve any interest from its promoter or promoter group and is not a related-party transaction.
The project is scheduled to be completed over 35 months. In recent financial reports, BHEL recorded a more than twofold year-on-year increase in net profit to Rs 820.94 crore in Q2FY27, up from Rs 374.89 crore in the same quarter last year, as reported by Financial Express.