BHEL shares turn multibagger as stock jumps 7% to hit 52-week high today; here's why
BHEL share price: On technical setup, the counter's 14-day relative strength index (RSI) came at 69.92. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 67.60. It has a price-to-book (P/B) value of 1.13. The scrip has a one-year beta of 1.03, indicating average volatility.
- Jul 5, 2023,
- Updated Jul 5, 2023 4:38 PM IST
Shares of Bharat Heavy Electricals Ltd (BHEL) rose sharply on Wednesday to scale their one-year high levels. The stock today surged 7.32 per cent to hit its 52-week high of Rs 93.25. It eventually settled 6.99 per cent higher at Rs 92.96 against a previous close of Rs 86.89. At closing, the company's turnover came at Rs 30.68 crore, commanding a market capitalisation (m-cap) of Rs 32,369.26 crore. Around 33.61 lakh shares changed hands today on BSE, which was more than three times higher compared to the two-week average volume of 10.91 lakh shares.
Taking the closing price into consideration, the scrip has turned multibagger, up 102.31 per cent in the past one year. On a year-to-date (YTD) basis, it has gained 16.05 per cent.
Today's sharp upward move in the share price came after BHEL said it has extended its Gas Turbines technology agreement with General Electric Technology GmbH Switzerland. BHEL, in partnership with GE, is the market leader for Gas Turbines in India, the state-owned power generation equipment manufacturer mentioned.
"With BHEL-GE partnership in place since 1986, BHEL has been manufacturing and supplying GE designed Gas Turbines in domestic as well as overseas market. Till date, BHEL has supplied about 230 GE design Gas Turbines to various oil refineries, process industries and utilities in India and to various customers worldwide. Under this extension agreement, BHEL has gained access and enhanced rights for existing, uprated and new Gas Turbine models," BHEL stated in a post-market exchange filing.
"As per the agreement, BHEL shall also be able to supply GTs with fuel blends viz. Hydrogen, Methanol, Syngas etc. and in hybrid configuration contributing further towards accelerating the energy transition in India," the state-run company added.
In a separate development, BHEL said it has appointed Krishna Kumar Thakur as Human Resources (HR) Director for a period of five years.
On technical setup, the counter's 14-day relative strength index (RSI) came at 69.92. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 67.60. It has a price-to-book (P/B) value of 1.13. The scrip has a one-year beta of 1.03, indicating average volatility.
BHEL is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the economy.
Meanwhile, Indian equity benchmarks settled almost flat today. The 30-share BSE Sensex pack fell 33 points, or 0.05 per cent, to settle at 65,446.04, while the broader NSE Nifty index added 10 points, or 0.05 per cent, to settle at a fresh closing peak of 19,399.
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Shares of Bharat Heavy Electricals Ltd (BHEL) rose sharply on Wednesday to scale their one-year high levels. The stock today surged 7.32 per cent to hit its 52-week high of Rs 93.25. It eventually settled 6.99 per cent higher at Rs 92.96 against a previous close of Rs 86.89. At closing, the company's turnover came at Rs 30.68 crore, commanding a market capitalisation (m-cap) of Rs 32,369.26 crore. Around 33.61 lakh shares changed hands today on BSE, which was more than three times higher compared to the two-week average volume of 10.91 lakh shares.
Taking the closing price into consideration, the scrip has turned multibagger, up 102.31 per cent in the past one year. On a year-to-date (YTD) basis, it has gained 16.05 per cent.
Today's sharp upward move in the share price came after BHEL said it has extended its Gas Turbines technology agreement with General Electric Technology GmbH Switzerland. BHEL, in partnership with GE, is the market leader for Gas Turbines in India, the state-owned power generation equipment manufacturer mentioned.
"With BHEL-GE partnership in place since 1986, BHEL has been manufacturing and supplying GE designed Gas Turbines in domestic as well as overseas market. Till date, BHEL has supplied about 230 GE design Gas Turbines to various oil refineries, process industries and utilities in India and to various customers worldwide. Under this extension agreement, BHEL has gained access and enhanced rights for existing, uprated and new Gas Turbine models," BHEL stated in a post-market exchange filing.
"As per the agreement, BHEL shall also be able to supply GTs with fuel blends viz. Hydrogen, Methanol, Syngas etc. and in hybrid configuration contributing further towards accelerating the energy transition in India," the state-run company added.
In a separate development, BHEL said it has appointed Krishna Kumar Thakur as Human Resources (HR) Director for a period of five years.
On technical setup, the counter's 14-day relative strength index (RSI) came at 69.92. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 67.60. It has a price-to-book (P/B) value of 1.13. The scrip has a one-year beta of 1.03, indicating average volatility.
BHEL is engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the economy.
Meanwhile, Indian equity benchmarks settled almost flat today. The 30-share BSE Sensex pack fell 33 points, or 0.05 per cent, to settle at 65,446.04, while the broader NSE Nifty index added 10 points, or 0.05 per cent, to settle at a fresh closing peak of 19,399.
Also read: Maruti Suzuki shares hits Rs 10,000 mark for first time since 2017, m-cap tops Rs 3 lakh cr level
Also read: Reliance Industries stock offers favourable risk-reward ahead of AGM, says BofA Securities