Shares of Bharat Heavy Electricals Limited (BHEL) surged 3% today, May 5, continuing gains from the previous sessions after the PSU reported fourth quarter earnings for the previous fiscal.
BHEL shares advanced 3.01% intraday to Rs 388.4 apiece. The scrip was trading 1.17% higher by 11:02 a.m. The benchmark NSE Nifty 50 was down 0.8%.
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Photo Credit: BHEL Website
The extended rally comes after the shares hit upper circuit on Monday, May 4 with the stock accounting for gains of 10% compared to Friday's closing price of Rs 352.4.
This comes following the PSU's strong Q4FY26 earnings, where profit doubled on a year-on-year basis. Revenue for BHEL also surged 36.9% to Rs 12,310 crore compared to Rs 8,993 crore in the year-ago period. Revenue was driven by other income of Rs 243 crore for the quarter.
Morgan Stanley on BHEL
- The brokerage maintained 'Overweight' and hiked target price to Rs 444.
- It said that the Q4 results ahve been surprisingly strong
- Macro positioning for the stock is improving in an Indian context
- Morgan Stanley believes BHEL's turnaround could continue to surprise markets
Kotak Securities on BHEL
- The brokerage maintained 'Sell' and hiked target priced to Rs 140 from previous target of Rs 120
- The PSU has reported good results after a while
- Strong execution and gross margin expansion drive beat
- Cash flows from operations boosted by flat receivables YoY
- Coal gasification an added opportunity, where BHEL has strong positioning
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