Bharat Heavy Electricals Ltd. surged 14% to its highest in over 12 years on Monday after multiple large trades, adding to its over threefold surge in the past year.At least 40.7 lakh shares of BHEL, or 0.1% equity, changed hands in three large trades in a price range of Rs 258.65–259.45 apiece, according to Bloomberg. The buyers and sellers were not known immediately.During the day, BHEL clarified that although it has placed a bid for a NTPC tender on Feb. 21, but it has not received any reply yet. As it is a normal process of business, it didn't require to inform bourses, the company said in an exchange filing.While the company announced a coal-to-chemicals joint venture with Coal India Ltd. last week, Morgan Stanley retained its price target at Rs 220 apiece, implying near 18% downside from current levels. The stock is trading in line with the brokerage's base case expectations.The JV will initially set up coal-to-2,000 tonne-per-day ammonium nitrate plant. Coal India will ensure ammonium nitrate offtake of at least 75%.Shares of BHEL surged 14.01% to Rs 268.95 apiece on the NSE, the highest since July 26, 2011. Earlier, it hit a 10% upper circuit, after which the stock's upper band was revised to 15%. The stock was trading 13.29% higher at Rs 267.25 per share, compared to a 0.14% advance in the benchmark Nifty 50 at 10:53 a.m.The share price has risen 246% in the last 12 months. The total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 73.65, implying that the stock may be overbought.Of the 19 analysts tracking the company, five have a 'buy' rating on the stock, three recommend 'hold' and 11 suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 36.2%.NTPC Shares At Record High After Board Approves Investment For Singrauli Project