BHEL Shares Rise After Bagging Rs 4,000-Crore Order From Adani Power
The stock has risen nearly 16% in a six-session rally.
Bharat Heavy Electricals Ltd.'s stock continued to gain for the sixth consecutive session on Thursday after the company received a Rs 4,000-crore order from Adani Power Ltd.
The order involves setting up the 2x800 MW Phase-II Thermal Power Plant at Raigarh, Chhattisgarh, according to an exchange filing.
Shares of the company rose as much as 4.36% during the day to the highest level since March 12, before paring gains to trade 1.8% higher at 10:06 a.m. This compares to a 0.80% advance in the NSE Nifty 50.
The stock has risen nearly 16% in the six-session rally and 253.25% in the last 12 months. Total traded volume so far in the day stood at 0.14 times its 30-day average. The relative strength index was at 51.83.
Of the 19 analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold' and 11 suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 32.7%.
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