Shares of Bharat Heavy Electricals Ltd (BHEL) recovered lost ground in Tuesday trade as the company won a fresh order of 3×800 MW from NTPC Ltd.
The stock had reached a low of Rs 233.50 in the initial session, but later it improved. In a filing sent to BSE, BHEL said its scope of work will include design, engineering, manufacturing, supply, construction, commissioning and civil construction.
The project further strengthens BHEL’s enduring partnership with NTPC, where BHEL has contributed over 57 per cent of NTPC’s thermal power installations across the country, the PSU said in a BSE filing.
BHEL’s recent Q2 numbers were better in terms of revenue due to execution of thermal order book.
brokerage opinion
PL Capital has a Buy advisory on BHEL as the stock price has seen a sharp decline recently and has revised the target price to Rs 260 from Rs 264.
“BHEL reported strong revenue growth of 28.5% with positive EBITDA margin of 4.2% in Q2FY25. During the quarter, the company saw strong opportunity in thermal power in India,” JM Financial said in an October note. Continued gains, books orders worth up to Rs 30,000 crore across 7.2GW projects, all 80GW of capacity addition planned by FY2028. “, the pipeline remains healthy and 30GW is still up for bid.”
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