Why BHEL stock rose 7% amid a falling market today

Shares of Bharat Heavy Electricals Limited (BHEL) rose nearly 7% today after the public sector undertaking said it won an order from Goa Shipyard for warship gun mount. The stock has gained 6.31% in the last two days. It touched an intraday high of Rs 60.8, rising 6.85% against previous close of Rs 56.90 on BSE.  

BHEL share trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.  

The share has gained 89.31% in one year and risen 67.69% since the beginning of this year.  

Total 65.23 lakh shares of the firm changed hands amounting to turnover of Rs 38.80 crore on BSE. Market cap of the firm rose to Rs 20,962 crore.

On the NSE, BHEL share opened at Rs 56.95, registering an intra day high of Rs 60.80 and an intra day low of Rs 56.85, in the session so far. It was last trading 5.27 per cent higher at Rs 59.95 on the NSE.

The  order  involves supply,  installation  and  commissioning  of  the  entire system - Upgraded  SRGM and  accessories  for  Triput  Class  Frigates of the Indian Navy, which will be manufactured by the Haridwar unit of BHEL.  

The  upgraded  SRGM  is  a  state-of-the-art  weapon  system  having  additional features such as capability to manage different types of ammunition to engage fast,  manoeuvring  and  non-manoeuvring,  radio  controlled  targets.  The upgraded SRGM has the capability to fire advanced ammunition with higher range and programmable ammunition.

 Meanwhile, Sensex plunged 481 points to 59,596 and Nifty lost 120 points to 17,734 in today's trade.