State-owned engineering company Bharat Heavy Electricals Limited (BHEL) has bagged the contract for compressor supply from Iraq. After this news, the buying of BHEL shares increased.
The rise in the stock: The share price of BHEL has increased by 2.14 per cent to Rs 50.15. The market capitalization at the end of business is Rs.17,462.55 crores. The highest level of BHEL is Rs 79.50, which was on 9 June 2021.
What is order: In fact, the National Oil Refinery Company ‘Northern Refineries Company (NRC)’ under the Ministry of Oil of Iraq has given this order for Baiji Refinery. According to BHEL, the company has achieved another milestone in the international business with the large order of compressor supply from Iraq. It includes design, engineering, manufacturing and supply of Electric Motor Driven Compressor.
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Supply again after 22 years: Earlier in the year 2000, BHEL had supplied compressor to Iraq, the new compressor will replace it. The old compressor was damaged due to the war in Iraq. In the international market, BHEL has so far supplied compressors to France, Bangladesh, Iraq, Iran, Oman and Belarus. The company has presence in 88 countries.