Shares of state-run Bharat Heavy Electricals Ltd. (BHEL) gained on Monday after the company said that it has received an order worth Rs 4,000 crore from Adani Power's wholly-owned subsidiary Mahan Energen Ltd. for a power project in Madhya Pradesh.

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As per the order, BHEL will be engaged in the supply of equipments like boiler, turbine, generators and supervision, erection and commissioning of a 2x800 MW power project of Mahan Energen Ltd located at Bandhaura in Madhya Pradesh.

The order will be executed in 31-35 months, BHEL said in a filing to the stock exchanges. Turbine generators would be manufactured at BHEL's Trichy and Haridwar plants, the state-run company said.

In 2022-23, the company reported a growth of over 17 percent in new orders received to Rs 23,548 crore compared to the previous year primarily due to its diversified business approach. In 2021-22, BHEL secured new contracts to the tune of Rs 20,078 crore.

Further, the latest outstanding order book has crossed Rs 1 lakh crore with the finalisation of the order for Vande Bharat trains in April 2023.

In the June quarter, the state-run company reported a net loss of Rs 343.9 crore as compared to a net loss of Rs 188 crore in the year-ago period.

The company's total revenue was at Rs 5,003.4 crore during the period under review, up 7.1 percent against Rs 4,672 crore in the corresponding period of the preceding fiscal.

Shares of BHEL gained more than 1 percent in morning trade to hit a high of Rs 99.20 apiece on BSE.

Shares of BHEL are trading 1.1 percent higher at Rs 99.1. The stock crossed the Rs 100 mark earlier this month for the first time after five years. The stock is up 24 percent on a year-to-date basis.