The shares of Bharat Heavy Electricals (BHEL) increased more than 10 per cent on Friday after its rival lost a case in the Supreme Court to supply NTPC.

The country’s apex court allowed NTPC to place orders for supercritical equipment by overturning an earlier decision by Delhi High Court that allowed Italian boiler manufacturer Ansaldo Caldaie Boilers to submit a bid for providing equipment to the state-run company.

The court sided with NTPC’s decision to disqualify the Italian company from participating in the tender, which is estimated to be around Rs 16,000 crore. BHEL will now be able to bid for supplying the equipment to NTPC. New orders from NTPC will be a major boost to the company, which as seen a decline in orders due to delays in power projects.

The company’s orders have fallen 65 per cent in the first nine months of the fiscal from the same period in the previous year. Many analysts say that the new project might still face delays due to lack of fuel supplies.

Meanwhile, Nomura has reduced BHEL to "neutral" from "buy" and CLSA maintained a "sell" rating.