BGR Energy Share Price zooms after Winning Contract

BGR Energy Systems rose 6.20 per cent to Rs 125.10 at 12:33 IST on BSE after the company said it won a Rs 2600 crores contract from TANGEDCO for the North Chennai thermal power project.

The announcement was made during trading hours today, 1 November 2016. On the Bombay Stock Exchange, so far 2.98 lakh shares were traded in the counter, compared with average daily volume of 43,256 shares in the last one quarter. BGR Energy share price hit a high of Rs 128.30 and a low of Rs 117.80 so far during the day. The share price hit a 52-week high of Rs 138.80 on 6^th January 2016.

BGR Energy share price made a 52 week low of Rs 89.40 on 12^th February 2016. The stock had outperformed the market over the past 30 days till 30^th October 2016, rising 7.24 per cent compared with 0.23 per cent rise in the Sensex. The share had, however, underperformed the market in past one quarter, falling 3.84 per cent as against Sensex's 0.26 per cent decline.

BGR Energy Systems said it won the Balance of Plant (BOP) contract from the Tamilnadu Generation and Distribution Corporation (TANGEDCO) for 1x800 megawatts (MW) North Chennai Thermal Power Project - Stage III. The Company secured this contract in an International competitive bidding which saw stiff competition. The value of the contract is Rs 2600 crores. The completion period of the contract is 36 months from the date of the award.

The contract is for designing, engineering, inspection, testing, transportation, manufacturing, fabrication, assembly, erection, testing and commissioning of the balance of plant mechanical, electrical as well as control & instrumentation works including associated civil works for establishment of coal based 1 x 800 MW North Chennai Super critical Thermal Power Project Stage-III in the premises of existing NCTPS at Ennore & Puzhudhivakkam Village, Thiruvallur District, Tamil Nadu.

Including this order, BGR Energy carries over an order book worth Rs 7429 crores. Net profit of BGR Energy Systems declined 21.42 per cent to Rs 8.66 crores on 6.48 per cent decline in net sales to Rs 834.15 crores in first quarter June 2016 over first quarter June 2015. BGR Energy Systems is a leading engineering, procurement and construction (EPC) and balance of plant (BOP) engineering and contracting company for power projects in India.

Source: www.dynamiclevels.com