BHEL commissions its first thermal unit in Karnataka, shares gain nearly 5%

Bharat Heavy Electricals Ltd (BHEL) share price surged as much as 4.7 per cent in the afternoon trade on Friday after it informed bourses that it has successfully commissioned its first 700 MW supercritical thermal unit at Bellary Thermal Project in Karnataka.

At 12.37 pm, shares of BHEL were trading 3.83 per cent up at Rs 107.05. The scrip opened at Rs 103.95 and had touched a high and low of Rs 107.95 and Rs 102.10, respectively, in trade so far.

In a BSE filing, BHEL said, “The new 700 MW rating unit has been developed by BHEL in line with market requirements. With the successful supply and execution of this 700 MW set, a new chapter has been added in the adoption and indigenous development of supercritical technology by BHEL.”

The order for the Bellary project by Karnataka Power Corporation was won by BHEL through international competitive bidding on engineering, procurement and construction basis. This is the third unit commissioned by BHEL at Bellary, where two units of 500 MW supplied and executed by BHEL, are already in operation.

“BHEL has already commissioned 6,716 MW in the current financial year,” the company said in a BSE filing.

For the quarter ended December 2015, the company posted net loss of Rs 1,101.99 crore against net profit of Rs 212.60 crore in the corresponding quarter a year ago.

BHEL