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Bhel jumps after brokerage upgrade

Capital Market 

Bharat Heavy Electricals rallied 10.14% to Rs 59.20 after a foreign broker reportedly upgraded its rating on the stock and also raised its target price.

A foreign broker reportedly upgraded the stock to 'buy' from 'sell' and increased the target price of the stock to Rs 67 from Rs 54 earlier.

The brokerage reportedly said the strategic sale is going to unlock the value. The company has a lot to gain from a strategic partner and even if the company's divestiture fails, there will be a little downside at CMP, it added. It believed that the risk is limited, as the stock is at their pre-upgrade target price.

Shares of Bharat Heavy Electricals (Bhel) surged 16.19% in three trading sessions to its current market price of Rs 59.20, from a recent closing low of Rs 50.95 on 25 October 2019.

Meanwhile, the S&P BSE Sensex was up 201 points or 0.50% to 40,032.55.

On the BSE, 55.56 lakh shares were traded in the counter so far compared with average daily volumes of 38.70 lakh shares in the past two weeks. The stock hit an intraday high of Rs 61.30 and an intraday low of Rs 57.10 so far during the day.

The stock hit a 52-week high of Rs 78.75 on 16 April 2019. The stock hit a 52-week low of Rs 41.35 on 16 October 2019.

On a consolidated basis, Bhel reported a net loss of Rs 217.72 crore in Q1 June 2019 compared with a net profit of Rs 40.69 crore in Q1 June 2018. The net sales sunk 23.9% to Rs 4,411.09 crore in Q1 June 2019 over Q1 June 2018.

Bhel is an integrated power plant equipment manufacturer, which is engaged in the designing, engineering, manufacturing, constructing, testing, commissioning and servicing a range of products and services for various sectors.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 30 2019. 15:36 IST