India's BGR Energy Systems down after $595 mln contract cancelled

BGR Energy Systems

27/04/2021 07:00

** Shares of BGR Energy Systems Ltd  BGRE.NS  down as much
as 6.72% at 48.55 rupees, their biggest loss since April 12    
    ** Co says https://bit.ly/3sOWl9K Tamil Nadu Generation and
Distribution Corporation Limited has cancelled contract worth
44.43 billion rupees ($595.80 million)
    ** Co, which provides construction and maintenance related
services to power plants, says the engineering, procurement and
construction contract was for Ennore thermal power station
expansion project 
    ** BGRE says it has informed the High Court of Madras of
contract cancellation 
    ** Over 670,000 shares change hands by 0545 GMT, more than
twice their 30-day avg. volume of over 329,000 shares  
    ** Stock up 10.63% this year, as of last close 

($1 = 74.5725 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))