BHEL Share Price Gains After Signing 10-Year Deal With Singapore's Horizon Fuel
The partnership will focus on business sharing and marks BHEL’s entry into the hydrogen transportation segment.
Bharat Heavy Electricals Ltd.'s share price rose 1.15% intraday on Monday after it secured a long-term exclusive pact with Horizon Fuel Cell Technologies to enter a new market segment.
The state-owned engineering and manufacturing company has signed a 10-year exclusive MoU with a Singapore firm to collaborate on hydrogen fuel cell-based rolling stock for the Indian market. The partnership will focus on business sharing and marks BHEL’s entry into the hydrogen transportation segment.
Bharat Heavy Electricals Limited (BHEL) is India’s largest power generation equipment manufacturer. A Maharatna PSU, BHEL plays a key role in infrastructure development, offering engineering solutions in energy, transportation, and defence sectors across domestic and global markets.
The scrip rose as much as 1.62% to Rs 215.80 apiece. It pared gains to trade 1.53% higher at Rs 215.60 apiece, as of 09:32 a.m. This compares to a 0.31% advance in the NSE Nifty 50 Index.
It has fallen 17.73% in the last 12 months. The relative strength index was at 42.
Out of 19 analysts tracking the company, eight maintain a 'buy' rating, three recommend a 'hold', and eight suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.5%.
