Shares of state-run Bharat Heavy Electricals Ltd (BHEL) were trading in the green and 1% higher on 18 February after the company announced securing an order from SAIL.
In its regulatory filing, the company said that BHEL has received a Letter of Acceptance (LoA) from Steel Authority of India Limited (SAIL) for a captive power plant at its IISCO Steel Plant in Burnpur, West Bengal.
The LoA, received on 17 February 2026, refers to the Captive Power Plant (CPP) package (Pkg. No. CPP-1) for SAIL’s 4.08 million tonnes per year crude steel expansion project in Burnpur.
The order was awarded by a domestic firm through a global tender method and is valued between Rs 1,200 crore and Rs 1,500 crore, excluding GST.
Under the turnkey contract, BHEL will design, engineer, manufacture, supply, transport, unload, store, erect, commission, and perform performance guarantee testing for the CPP package. Civil works are excluded from the scope of the contract. The project is scheduled for commissioning within 39 months of the contract’s effective date.
Separately, BHEL’s Offer for Sale (OFS) was subscribed 2.3 times on its first day of trading on 11 February. Bids for more than 22 crore shares were received in response to the 9.4 crore shares offered.
On Day 1, institutional investors bid approximately Rs 5,650 crore, more than doubling the issue’s subscription. Following the tremendous reaction, the government decided to use the green shoe option and put the entire 5% stake on the market.
Arunish Chawla, Secretary of the Department of Investment and Public Asset Management (DIPAM), stated that the OFS saw strong participation and was oversubscribed 2.3 times on the first day. Retail investors and employees were set to bid on 12 February 2026.
At 1:02 pm, the shares of BHEL were trading 0.53% higher at Rs 264.20 on NSE.
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