State-owned company Bharat Heavy Electricals Limited (BHEL) has received from Adani Power Rs. 7000 crore contract for two power plants. BHEL said that the first contract has been awarded for the 2×800 MW Raipur Supercritical Thermal Power Plant being set up in Raipur district of Chhattisgarh. Whereas, another contract has been received from MTEUPPL for the 2×800 MW Mirzapur Supercritical Thermal Power Plant being set up in Mirzapur district of UP. Let us tell you that MTEUPPL is a subsidiary company of Adani Power. BHEL is India’s largest engineering, manufacturing enterprise under the Ministry of Heavy Industries. It operates in the energy, industrial and infra sectors.
Stock status
As for BHEL’s stock, it rose marginally to Rs. closed at 305.65. During trading, the shares traded at Rs. 309.45 was reached. At the same time, shares of Adani Power appeared under pressure. The stock closed at Rs.746.90 at the end of trading. During the trading, this share reached the level of 760 rupees.
Company Quarterly Results
In the fourth quarter (January-March) of the last financial year (2023-24), Adani Power’s profit fell 47.78 percent to Rs. 2,737.24 crores. The company’s profit in the same quarter of FY 2022-23 was Rs 5,242.48 crore. Company
Its total revenue in the March quarter was Rs. 13,881 crore, as compared to Rs. 10,795 crores. The company’s expenditure in the March quarter was Rs. 10,323.58 crore, which in the March quarter of 2022-23 was Rs. 9,897.60 crores.
Expert opinion
Experts are bullish on Adani Power shares. Recently, Ravi Singh, Senior Vice President (Retail Research) at Religare Broking told Business Today that investors may consider booking some profits. A target of Rs.950 can be seen in the stock in the near term. It is advisable to keep the stoploss on the stock at Rs.820. Jigar S Patel, Senior Manager – Technical Research, Anand Rathi Shares & Stock Brokers said that the share was Rs. May increase up to 935. Trading range for one month is Rs. 800 to Rs. 950 will be between.