Shares of State-owned Bharat Heavy Electricals Ltd (BHEL) were locked in a upper circuit in the early trade on Thursday, June 6, after the company said it received Rs 3,500-crore order from Adani Power for setting up 1,600 MW Thermal Power Plant (TPP) at Raipur.
The contract, signed on June 5, involves the supply of equipment (boiler, turbine, generator) and supervision of erection and commissioning for a 2×800 mega watt power project based on Supercritical Technology, as stated in BHEL’s exchange filing.
The order’s total worth exceeds Rs 3,500 crore, excluding GST. BHEL specified that the boiler and turbine generator would be manufactured at its Trichy and Haridwar plants, respectively.
At around 10 am, the PSU stock was trading 14 per cent higher at Rs 290.70 on BSE. Meanwhile, it has surged 63 per cent in the last six months and 250 per cent in the last one-year period.
On Wednesday, the stock settled 3.70 per cent higher at Rs 255.25 amid a volatile session. BHEL shares slipped 21 per cent from its all-time high of Rs 322.35, a level seen on May 21, 2024.
Technically, the stock’s day RSI (14) stood at 39.4. The RSI below 30 is considered oversold and above 70 is overbought, according to data from Trendlyne.
The stock has a one-year beta of 1.1, indicating high volatility. BHEL stock stood higher than the 50-day, 100-day, 150-day, 200-day moving averages, but lower than 5-day, 10-day, 20-day and 30-day.
Shares of BHEL are trading 13.61 per cent higher at Rs 290. The stock has risen 46 per cent so far this year.
