Home Business BHEL stock climbs over 8 per cent to hit 52-week high

BHEL stock climbs over 8 per cent to hit 52-week high

BHEL shares closed at 52-week high, rising over 8.3 per cent. (file)

New Delhi:

Shares of Bharat Heavy Electricals Limited (BHEL) closed at a 52-week high on Tuesday, up 8.3 per cent. BHEL share price ended the day trading at Rs 68.20 after touching a day’s high of Rs 69.20 per share.

Opened at Rs 63.30 on Tuesday, 18 October, BHEL share prices registered a sharp jump to touch Rs 68.30 at 1:30 am. It continued the uptrend before closing with a minor correction.

Today when the day’s trading started, BHEL shares It fell more than 1 percent before touching a high of 70.15 percent.

Share prices rose just days after the company announced signing of strategic MoUs with Coal India Limited (CIL) and NLC India Limited (NLCIL) for setting up coal gasification based plants.

Under the agreement, BHEL will jointly set up a coal to ammonium nitrate project with CIL based on gasification of high ash Indian coal and a lignite based gasification pilot plant with NLCIL for power generation. BHEL’s indigenously developed Pressurized Fluidized Bed Gasification (PFBG) technology will be used in the projects.

BHEL has successfully Used its indigenously developed coal gasification technology, PFBG, to gasify high ash Indian coal. This technology was earlier used for setting up 6.2 MW IGCC based Combined Cycle Plant at BHEL Tiruchirappalli.

BHEL’s technology could be a game changer in the power sector as the technologies developed abroad are not capable of handling Indian coal as it has more than 75 per cent ash content. BHEL has also set up India’s first High Indian Coal to Methanol (0.25 TPD) Pilot Plant at its Corp R&D, Hyderabad.

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