BHEL shares reclaim Rs 100 mark, approach 52-week high on Rs 4,000-crore order win

Shares of Bharat Heavy Electricals Ltd (BHEL) approached their 52-week high today after the firm said it has won an order worth Rs 4,000 crore from Mahan Energen Limited, a wholly owned subsidiary of Adani Power. BHEL stock gained 3.21% to Rs 101.15 against the previous close of Rs 98 on BSE. Later, the stock ended 2.91% higher at Rs 100.85 on BSE. The share has gained 86.32% in one year and risen 26% since the beginning of this year. Total 16.19 lakh shares of the firm changed hands amounting to turnover of Rs 16.10 crore on BSE. Market cap of the firm rose to Rs 35,099 crore.

The stock hit a 52 week high of Rs 107.10 on August 1, 2023 and a 52-week low of Rs 51.80 on August 23, 2022.

In terms of technicals, the relative strength index (RSI) of BHEL stock stands at  50.1, signaling it's trading neither in the overbought nor in the oversold zone. BHEL shares have a beta of 1.1, indicating high volatility in a year. BHEL shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  

The order pertains to the supply of equipment (boiler, turbine, generator) and supervision of erection & commissioning for 2x800 MW power project based on supercritical technology at Bandhaura, Madhya Pradesh. Boiler and turbine generator are to be manufactured at BHEL’s Trichy and Haridwar plants, respectively.

The time period for the supply of unit-1 is 31 months and unit-2 is 35 months.

In Q1 of this fiscal, the state-owned firm reported a widening of consolidated loss at Rs 343.89 crore compared with Rs 187.99 crore in the corresponding quarter of last year. It reported a profit of Rs 611 crore in the March quarter. Revenue rose to Rs 4,818.37 crore against Rs 4,449.49 crore in the corresponding quarter last year.

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