Shares of Bharat Heavy Electricals Ltd. rose over 3% on Monday after the company was awarded a contract worth Rs 6,500 crore from Adani Power Ltd. for six thermal units of 800 MW.
The project involves the supply of a steam turbine generator along with its auxiliaries, and supervision of the erection and commissioning for six thermal units of 800 MW, according to an exchange filing from the company on Friday.
BHEL Share Price
Shares of BHEL rose as much as 3.03% to Rs 272.10 apiece. They pared gains to trade 0.32% higher at Rs 265 apiece, as of 9:55 a.m. This compares to a 0.3% advance in the NSE Nifty 50.
The stock has fallen 11.80% in the last 12 months and risen 15.63% year-to-date. Total traded volume so far in the day stood at 9.96 times its 30-day average. The relative strength index was at 58.46.
Out of 17 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 13.5%.
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