BHEL gains as foreign brokerage upgrades stock

Citigroup has upgraded the stock to "buy" and raised target price to Rs 335

Shares of BHEL were up nearly 2% at Rs 262 after a foreign brokerage upgraded the stock to "buy"from "sell"earlier.

The upgrade is on the back of good orders, earnings, under performance and under ownership by institutional investors, Citigroup said. The brokerage said that the state-owned engineering major is now its top industrial pick and has also raised the target price to Rs 335.

The stock opened at Rs 258 and touched an intra-day high of Rs 266. At 13:55PM, over 8 million shares were traded on the Bombay Stock Exchange and National Stock Exchange.