BHEL Surges 5% After Large NPCIL Order

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BHEL Surges 5% After Large NPCIL Order
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Shares of public sector engineering giant Bharat Heavy Electricals Ltd. (NS: BHEL ) has moved up 5% today and are trading at Rs 52.6 after the firm bagged orders of Rs 10,800 crore for the supply of equipment for NPCIL (Nuclear Power Corporation of India).

“In an open competitive bidding process, Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest bidder (Rs 10,800 crore) for the fleet mode tender floated by Nuclear Power Corporation of India Ltd (NPCIL) for the 6x700 MW Turbine Island Package Projects,” the company said.

BHEL said that it has retained its leadership position of being the sole Indian supplier of nuclear steam turbines. It 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, according to the filing.

BHEL stock has moved upwards contrarian to analyst expectations. Mutual funds decreased their holdings in BHEL from 4.27% to 2.21% in the December quarter while FIIs (foreign institutional investors) increased their holdings to 4.34% from 4.24% in the same quarter.

The sell-off from DIIs (domestic institutional investors) has continued in the new year with ICICI Prudential (LON: PRU ) Mutual Fund selling 1.66 crores of BHEL shares in January 2021.

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