Shares of Bharat Heavy Electricals Ltd (BHEL) hit a fresh 52-week high on the first trading day of 2024 after reports surfaced suggesting that the state-owned engineering and manufacturing enterprise emerged as the lowest bidder for NLC’s Odisha project. 

BHEL shares reached a multi-year high of Rs 204.65, up 5.7% from the previous closing price on the National Stock Exchange (NSE). At 12:10 pm, the stock was trading 3.8% higher at Rs 200.90. 

According to multiple media reports, BHEL has emerged as the best bidder for a Rs 19,422-crore turnkey contract from NLC for building a thermal power plant in Talabira, Odisha. The public sector undertaking (PSU) quoted a better price than Larsen & Toubro India in the financial bids that opened on Friday.

The reports further added that BHEL would build three ultra-supercritical thermal plants of 800 MW each for NLC India. NLC has added a fourth unit of 800 MW to the project. However, the EPC tender was for the first three projects, and it is unclear whether there would be a separate tender for the fourth unit.