Stock Market Today: Bharat Heavy Electricals Ltd (BHEL) share price gained during the intraday trades on Tuesday after the PSU stock updated about a litigation claim.
Bharat Heavy Electricals Ltd or BHEL share price that opened at ₹183.80 on the BSE on Tuesday, was lower than previous days close of ₹185.45. The BHEL share price nevertheless gained to intraday highs of ₹191.20, which translated in to gains of more than 3%.
BHEL on 4 March 2024 intimated the National Stock Exchange of India (NSE) and the BSE Ltd, the details of a new Writ Petition filed by BHEL which are material in accordance with the criteria of materiality
BHEL Litigation claim update
BHEL in its release said that BHEL has filed a writ petition before the Karnataka High Court seeking a declaration that withholding of Rs. 423.42 crores by Raichur Power Corporation Ltd. is wrongful and that they should be directed to release the said payment to BHEL
While the BHEL’s Claims is for ₹423.42 crores, the respondent is Raichur Power Corporation Ltd.
BHEL while has laid claim for its outstanding, recently it also had been challenged by another organisation. While BHEL has filed for claims in this litigation . A few days back in February 2025, a arbitration matter filed by M/s Dipon Gulf General Contracting LLC, UAE against BHEL
As per the deatils ij BHEL’s earlier release, Claimant invoked arbitration for inter alia additional amounts on account of alleged additional work carried out in respect of the contracts executed at Maitree Project, Bangladesh.
However, as per BHEL, Claimant did not perform any additional work over and above the contractual scope of work. Other claims are also not tenable as per contract provisions
While the Claimant is M/s Dipon Gulf General Contracting LLC, UAE, the Respondent, BHEL has been asked to settle claims of $29,668,016.82 as per intimation to SIAC
Respondent’s Counter Claim is also Being finalised.
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