BHEL Awarded Order For Upgrading: Shares of Bharat Heavy Electricals Ltd. rose nearly 7%, the most in over three months, to Rs 60.8 apiece after the company was awarded an order by Goa Shipyard for the supply of an upgraded Super Rapid Gun, the main gun used in most warships in Indian Navy.
In an exchange filing, BHEL said that the order pertained to the supply, installation and commissioning of the entire system and will be manufactured by the Haridwar unit of BHEL.
The company also reiterated its committed to the government Atmanirbhar Bharat initiative.
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Of the 26 analysts tracking the company, one maintained ‘buy’, four maintained ‘hold’ and 21 analysts maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 39.1% . Trading volume was 2.7 times the 30-day average volume for this time of the day. Shares of BHEL crossed above the 50-day simple moving average, indicating potential upward price momentum.
