BHEL Shares Slump Amid Uncertainty About NTPC Orders

BHEL shares slumped nearly 4 per cent on Tuesday amid concerns that the state-run power equipment manufacturer may lose a major power plant order from state-run utility NTPC. BHEL was the top-loser in the Nifty50 index. According to Macquarie, NTPC is re-visiting its tender for four power plants of 1000MW capacity each for its Pudimadaka ultra mega power project. The tender was earlier awarded to BHEL. The order accounts for around 4 per cent of BHEL's total order book, said Macquarie. The bidding for the project was based on imported coal price, but NTPC is likely to call for fresh bids based on domestic coal price, the brokerage added. As of 10.07 a.m., BHEL shares traded 2.33 per cent lower at Rs 140.55 a piece compared to 0.04 per cent gain in the broader Nifty. ref: http://profit.ndtv.com/news/market/article-bhel-shares-slump-amid-uncertainty-about-ntpc-orders-1448927