BHEL gains 16% to hit 52-week high on reports of large order wins from NTPC; company denies reports
Upstox
2 min read • Updated: March 4, 2024, 3:14 PM
Summary
This rally also marked the PSU firm's biggest single-day gain since the 12.5% jump recorded on September 1, 2023. BHEL shares have risen by about 35% year-to-date and a massive 93% in the past 6 months.
Shares of state-owned Bharat Heavy Electricals Ltd (BHEL) rallied more than 16% to scale a fresh 52-week high of ₹274.25 apiece on Monday on high order expectations.
The rally in the shares of PSU power generation equipment manufacturer was seen on the back of the central public sector undertaking (PSU) NTPC approving an investment worth ₹17,195.3 crore for Phase III of the Singrauli Super Thermal Power Project.
Markets report suggest, BHEL was the only bidder for the construction of the Phase III of the Singrauli Super Thermal Power Project. However, in a clarification sought by the exchange, the company has denied on receiving any such order from NTPC and has clarified that being sole bidder does not result in automatic bagging of the order.
Shares of BHEL surged as much as 16.25% to a fresh 52-week high of ₹274.25 apiece on NSE in the afternoon session. The PSU stock was trading at 14.5% higher at ₹270.1 apiece at 2:45 pm.
This rally also marked the PSU firm's biggest single-day gain since the 12.5% jump recorded on September 1, 2023.
BHEL shares have risen by about 35% year-to-date and a massive 93% in the past 6 months. The stock has given a 257% return to investors in the last one year.