BGR Energy hits 20 pc upper circuit

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Mumbai, July 17 (UNI) BGR Energy Systems hit 20 per cent upper circuit today, a day after it bagged an EPC contract worth Rs 4,900 crore from Rajasthan Rajya Vidyut Utpadan Nigam for the 2 x 600 MW Kalisindh Thermal Power Project.

At the end of the session, the stock was at Rs 297.35, up by Rs 49.55 on volume of 18,53,451 shares. The scrip has advanced by 23.30 per cent in the past one week, a leading broker said.

In June, the company had secured a similar contract from Tamil Nadu Electricity Board for a 1x600 MW project.

The order book of the company now stands over Rs 11,000 crore, which includes BoP contracts of 500 MW and two EPC contracts of 600 MW units and contracts of oil and gas equipment sector projects.

The company had a great listing on the exchange in January this year. The scrip listed at Rs 840 on the NSE, a premium of Rs 360 or 75 per cent to the issue price of Rs 480 per share. But due to steep correction in shares prices of power companies, BGR Energy shares fell to trade at 50 per cent discount to issue price, the broker said.

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