BHEL skids on profit taking despite new orders

DALAL STREET SPIKES

Order win of Rs 410 crore failed to enthuse the BHEL counter as the stock ended more than 3 per cent lower. The stock hit an intra-day high of Rs 555 before profit booking across the board pulled the stock down to close at Rs 528.

The company on Tuesday announced about winning an order worth Rs 410 crore. BHEL powers ahead on mega order win to set up the 800-megawatt Koldam Hydroelectric project in Himachal Pradesh (HP).

Analysts said, the counter was down because of overall weakness in the market because of monsoon concerns and ambiguity over the transaction tax issue. The BHEL counter in Wednesday's trading witnessed volumes of more than 4.09 lakh shares at the BSE.

On the back of a slew of recent order wins, the stock witnessed a sustained rally over the past few trading sessions. From a low of Rs 425 on June 1, the stock jumped more than 25 per cent to Wednesday's close of Rs 528.