India's BGR Energy rises on settlement agreement with Damodar Valley

BGR Energy Systems

07/09/2023 05:35

** Shares of BGR Energy Systems  BGRE.NS  rise as much as 7.4%
to 78.85 rupees, highest level since Dec. 14, 2022
    ** Stock on track for a seventh consecutive session of
gains, if trends hold 
    ** Power equipment maker enters claim settlement agreement
with Damodar Valley Corporation 
    ** BGRE says co and DVC agreed to total compensation of 4.19
bln rupees ($50.4 million) plus 29.3 million euros 
    ** Agreement post termination of a 19.02 bln rupee contract 
with DVC
    ** More than 1.1 mln shares traded as of 9:54 a.m, 1.7x the
30-day avg
    ** Stock up 26% this year, as of last close

($1 = 83.1130 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))