BGR Energy shares see biggest jump in five months after Rs 330 crore order win from Indian Oil

Engineering, procurement and construction major BGR Energy Systems on Monday, December 12, said it has bagged orders worth Rs 330 crore from state-owned Indian Oil Corporation (IOC). "We wish to inform exchanges that the company has secured orders from Indian Oil Corporation Limited for construction of civil and structural works in Panipat Refinery Complex," the company said in an exchange filing.

The contract value is Rs 330 crore, excluding GST and the contract completion period is 18 months, the company said. IOC is expanding its Panipat Refinery Complex in Haryana to 25 million tonnes per annum (MTPA) capacity at an investment of Rs 32,946 crore. The expansion will be completed by September 2024.

Panipat refinery currently has the capacity to turn 15 MTPA of crude oil into value-added fuels such as petrol, diesel, and ATF. Besides expanding the oil refining capacity, the company also plans to set up a polypropylene unit and a catalytic dewaxing unit.

Polypropylene is used in packaging, plastic parts for various industries, including the automotive industry, special devices like living hinges, and textiles. Catalytic dewaxing is used in base oil production.

IOC owns and operates nine of the country's nearly two dozen refineries. The total capacity under its operations is 70.1 MTPA.

Shares of BGR Energy gained as much as 12 percent in opening trade to Rs 75 on Tuesday.