BHEL gains; Citigroup upgrades

Reuters Market Eye - Bharat Heavy Electricals gains 2.1 percent to highest since July 8.

Citigroup upgrades stock to "buy" from "sell" and raises target to 335 rupees from 176 rupees.

Citigroup cites better orders, earnings, underperformance, and under ownership by institutional investors as key reasons for upgrade.

Says BHEL now top industrial pick from India.

BHEL has gained 48.7 percent YTD vs. a 35.1 percent gain in the Nifty.

(Reporting by Abhishek Vishnoi)