India's BGR Energy Systems extends gains a day after getting a contract reinstated

BGR Energy Systems

11/03/2022 04:23

** Shares of the Indian maker of equipment for power plants
and oil and gas industries  BGRE.NS  rise as much as 10% to hit
an upper circuit of 92.75 rupees
    ** Stock extends gains from Thursday when it also added 10% 
    ** BGRE said on Thursday Tamil Nadu Generation and
Distribution Corp (TANGEDCO) has reinstated an April 2021
contract with co for a thermal power station expansion project
 urn:newsml:reuters.com:*:nFWN2VC19P
    ** BGRE shares jumped on Thursday after the announcement
during market hours
    ** TANGEDCO had cancelled the 44.43 bln rupees ($582.57 mln)
contract; co had challenged the cancellation in the High Court
of Madras
    ** BGRE stock rose 82.4% in 2021, but is down 1.7% YTD as of
last close

($1 = 76.2650 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))