Adani Power has given a contract of Rs 3,500 crore to BHEL on June 5. This contract has been received to build a thermal power project in Raipur, Chhattisgarh. Today the company’s stock saw a sharp jump of 14.60 per cent.
New Delhi. With the return of the BJP-led NDA government at the Centre, the shares of the Adani Group have again gained momentum. Not only this, the company which the Adani Group has laid its hands on has also started flying in the market. The most recent example of this is the government company Bharat Heavy Electricals Limited (BHEL), whose shares showed a tremendous jump on Thursday morning. The situation was such that within a few minutes of the start of trading in the market, BHEL’s shares saw a jump of more than 14 percent. The biggest reason for this is a step taken by Adani.
Adani Power, a company of the Adani Group, announced on June 5 that it has awarded a contract worth Rs 3,500 crore to the government company BHEL. This contract has been awarded to build a thermal power project in Raipur, Chhattisgarh. On June 6, the second day of the announcement, as soon as trading started in the stock market, investors rushed to buy BHEL shares. Within a few minutes, the company’s stock saw a rapid jump of 14.60 percent. The company’s shares were trading at Rs 292.45 on the BSE and Rs 292.35 on the NSE. Along with this, Adani Power’s shares also saw a jump of 8 percent and reached Rs 782.30.
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What is the specialty of the contract
BHEL informed the stock market on Wednesday that Adani Power has given the contract to build 2 power projects of 800 MW. For this project, the company has to supply boiler, turbine, generator and supercritical technology. Out of this, Unit 1 has to be completed in 35 months and Unit 2 in 41 months.
At what price did the stock close?
After gaining more than 14 percent in the morning trading, BHEL shares showed some moderation by afternoon and finally closed with a gain of 9.07 percent. BHEL’s stock closed at Rs 278.50 on BSE and on June 6, the shares showed a jump of Rs 23.15. Apart from Adani Power, the company has also received a contract from Mirzapur Thermal NG (UP) to set up two power projects of 800 MW, the cost of which is Rs 3,500 crore.
invest money or not
Brokerage house Nuvama says that in the coming time, the company’s shares will cross the price of Rs 400. This is because the thermal power sector will boom in the next 2 to 3 years and the company will get many contracts. Many projects are already in the pipeline, which will also benefit the shares. ICICI Securities has also given a target price of 370. It also believes that the company will get many contracts now and it can earn huge profits in the coming time.
Tags: Adani Group, Business news, Gautam Adani, Share market
FIRST PUBLISHED : June 6, 2024, 16:27 IST