Bharat Heavy Electricals rose 1.90% to Rs 73.31 after a consortium led by the company was awarded an order for the supply of 80 Vande Bharat trains in Indian Railways’ mega tender. Meanwhile, Titagarh Wagons’ shares increased 3.04% to Rs 296.70 on the BSE. The BHEL-Titagarh Wagons consortium has been awarded a contract to supply 80 sleeper class Vande Bharat trains. According to the terms of the agreement, the consortium must also provide comprehensive maintenance for the next 35 years.
The consortium is responsible for equipping, upgrading, operating, and maintaining the exclusive space provided in the manufacturing unit at ICF Chennai, as well as two depots assigned by Indian Railways. The trains must be delivered within 72 months, and the contract was awarded at a cost of Rs 120 crore per train. Bharat Heavy Electricals (BHEL) is a state-owned company that designs, engineers, builds, tests, commissions, and services a wide range of products and services for the core sectors of the economy. The Government of India owned 63.17% of the company as of December 31, 2022.
The company’s consolidated net profit increased 56.48% to Rs 42.28 crore in Q3 FY23, compared to Rs 27.02 crore in Q3 FY22.