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BHEL’s shares trade at about 43 times its estimated FY27 earnings per share. All eyes will now be on the pace of execution and margin accretion over the next few quarters. View More
Damodar Valley Corporation's stock market debut is now more likely. The Bharatiya Janata Party's win in West Bengal has removed a key political obstacle. This development is expected to speed up the initial public offering process. DVC operates in power generation, transmission, and distribution. The listing will offer investors a new opportunity in the eastern power sector. View More
NTPC ’s peer Damodar Valley Corporation (DVC) could be headed for a long-awaited stock market debut, with the Bharatiya Janata Party’s ( BJP ) victory in the West Bengal assembly elections reviving expectations of an initial public offering ( IPO ) in the central utility. Analysts say the change of guard in West Bengal removes a key political overhang that had stalled New Delhi’s plan to list DVC, a central public sector undertaking (PSU) under the Ministry of Power that is often seen as a smaller peer to NTPC. “The Government of India has been discussing the listing of DVC, which was facing challenges due to strained relations with the West Bengal government. We expect this to be expedited,” JM Financial Institutional Securities said. DVC, which operates in power generation, transmission and distribution across Jharkhand and West Bengal, reported revenue of Rs. 23,900 crore in FY25, earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs. 5,500 crore and net profit of Rs. 1,200 crore, according to the brokerage. Also Read | Election impact on stock market explained: What likely BJP win in West Bengal means for investors Live Events The corporation has 6,540 MW of thermal capacity and 147 MW of hydro power, and services a contract demand of 3,393 MVA across the two eastern states. JM Financial argues that West Bengal has historically played an outsized role in India’s power sector, aided by early industrialisation, coal reserves and a pioneering role in private power supply, and that the BJP’s win is likely to trigger governance-focused reforms that could unlock value in central and state utilities. “Results of the recent assembly elections suggest the BJP will form the government in the state. This may provide a fillip to reforms in the sector considering the party’s track record both at the Centre and in states where it is in power,” the report noted. A more collaborative Centre–state equation is expected to ease long-pending issues between DVC and the West Bengal government, clearing the way for a stock market listing that had been delayed despite New Delhi’s push to monetise PSU assets. The brokerage highlights that DVC’s shareholder structure, 35% held by the Union government, 34% by Bihar and 31% by West Bengal, had previously complicated decision-making around listing and governance changes. Power stocks in focus The potential DVC IPO is being read in conjunction with broader reform signals, including a higher probability of passage of the Electricity (Amendment) Bill, 2025, and a likely push for competition in distribution and support for Coal India ’s West Bengal initiatives. “With BJP government in WB and first-time government of a debutant party in Tamil Nadu (both large Indian states), we expect higher probability of its passage in upcoming monsoon session,” JM Financial said, referring to the Bill that seeks to enable parallel licensing, sharing of distribution networks and cost-reflective tariffs. The brokerage also pointed out that listing DVC would add another listed central power utility alongside NTPC, giving investors a fresh way to play the eastern-region generation and transmission story and deepening the sector’s PSU equity universe. For power utility CESC, the regime change could be negative as the new government in the state could take steps to allay the public’s concerns on high tariffs and other operations, JM Financial said. At the same time, the news is positive for Coal India. "Like BJP governments in other states, a major focus of the new state government is likely to be on law and order, which may facilitate faster execution of various new projects of Coal India including coal gasification," it said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
The stock has been reacting positively to a sharp jump in profitability, healthy order inflows, improved cash flows and margin expansion, reinforcing investor confidence in the company’s turnaround story. View More
Larsen & Toubro has secured a landmark deal to develop a state-of-the-art coal-to-ammonium nitrate facility in Odisha, poised to deliver 2,000 tonnes of ammonium nitrate daily. This venture not only bolsters India's aspirations for enhanced coal gasification but also reduces dependency on imports, perfectly aligning with the Aatmanirbhar Bharat initiative. View More
Larsen & Toubro on Tuesday secured a large order from Bharat Coal Gasification and Chemicals Ltd (BCGCL), a joint venture of Coal India Ltd (CIL) and Bharat Heavy Electricals Ltd (BHEL), to build a coal-to-ammonium nitrate plant in Odisha with a planned production capacity of 2,000 tonnes per day. Assembly Elections 2026Election Results 2026 Live Updates: Who's ahead in which stateWest Bengal Election Results 2026 Live UpdatesTN Election Result 2026 Live Updates Shares of L&T were trading at ₹4,062.60, down 0.92% in early trade. Also Read: Coal India's production in April drops amid rising power demand The project will convert coal into ammonium nitrate, a key industrial chemical widely used in mining and infrastructure sectors. L&T will build the nitric acid and ammonium nitrate plant and manage the entire project — from design and equipment sourcing to construction and commissioning — effectively taking responsibility for delivering a fully operational facility. Live Events Once ready, the plant will convert coal into ammonium nitrate, a material widely used in mining and infrastructure projects. The scale of output is expected to support rising demand from these sectors. The project fits into India’s larger plan to use its coal reserves more efficiently. Also Read: Vedanta Aluminium told to pay Rs 233 crore for unauthorised water extraction in Odisha “Under the Aatmanirbhar Bharat initiative , India has set an ambitious target of achieving 100 million tonnes of coal gasification capacity by 2030. This mission aims to convert high-ash domestic coal into value-added products such as ammonium nitrate, methanol, ammonia, Synthetic Natural Gas and fertilisers, thereby reducing import dependence and strengthening India’s industrial self-reliance,” the filing said. Commenting on the order, Subramanian Sarma of L&T said: “This large order strengthens L&T’s presence in the gasification and downstream chemicals EPC space. Indigenous gasification infrastructure will play a pivotal role in India’s energy transition, and this order reinforces our ability to deliver complex, technology-intensive projects at scale”. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Stocks to watch include Thermax, Meghmani Organics, Afcons Infrastructure and Dynacons after major project wins and approvals, while Envair Electrodyne, EMS and GRE Renew reported updates, and Asahi India Glass and Standard Surfactants flagged operational incidents. View More
On May 4, major indices saw gains due to strong buying in heavyweight stocks and positive state election trends for the Bharatiya Janata Party. The Nifty 50 rose 0.51% to 24,119, while the S&P BSE Sensex increased 0.31% to 77,159, with midcap and smallcap indices outperforming. View More
Most traded stocks today: Vodafone Idea, HFCL, Meesho, Jaiprakash Power Ventures (JP Power), Bharat Heavy Electricals (BHEL), and Vedanta were the most traded stocks, or the most active stocks in terms of volume, on the NSE. View More
BHEL Q4 results 2026: Profit jumped 156% year-on-year, or nearly threefold (2.6 times), to ?1,290.47 crore. Revenue from operations for Q4FY26 saw a 37% YoY jump to ?12,310.37 crore. View More