BHEL hits highest level since May 2017; stock zooms 135% in last 8 months

Defence ministry has signed a Rs 2,956 crore contract with BHEL to procure 16 upgraded super rapid gun mount (SRGM) and accessories for Indian Navy.

Shares of Bharat Heavy Electricals Limited (BHEL) hit an over six-year high at Rs 164.60, as they rallied 5 per cent on the BSE in Wednesday’s intra-day trade backed by heavy volumes after signing of contract. The company today said that it signed a contract with Ministry of Defence (MoD) for 16 nos. super rapid gun mounts (SRGMs) against the Letter of Intent (LOI) received earlier in March 2023.

The stock of state-owned company was trading at its highest level since May 2017. Since April, the market price of BHEL has more-than-doubled or zoomed 135 per cent from level