BHEL shares in news today as firm receives Rs 4,000-crore order from Adani Power

Shares of Bharat Heavy Electricals Ltd (BHEL) are in news today after the state owned firm said it received an order from Adani Power for setting up the 2x800 MW Raigarh Phase-II thermal power plant at Raigarh, Chhattisgarh. The value of the order is approximately Rs 4,000 crore excluding GST.

BHEL shares closed 1.34% higher at Rs 242.90 on Wednesday. Market cap of the firm stood at Rs 84,579 crore. BHEL stock has clocked multibagger returns of 241% and 91.41% in a year and six months, respectively. In two years, the PSU stock has rallied 370%.

Total 13.27 lakh shares of the firm changed hands amounting to a turnover of Rs 32.53 crore. Market cap of the firm rose to Rs 84,579 crore. The stock slipped to a 52-week low of Rs 67.63 on April 6, 2023.

BHEL will manufacture boiler and turbine generator at BHEL’s Trichy and Haridwar plants, respectively.

The order relates to supply of equipment - boiler, turbine, generator and associated auxiliaries along with control and instrumentation. BHEL will also be involved in supervision of erection & commissioning of the power plant.

In terms of technicals, the relative strength index (RSI) of BHEL stock stands at 56.5, signaling it's trading neither in the overbought nor in the oversold zone. BHEL shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

BHEL is one of the largest engineering and manufacturing companies in India engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the core sectors of economy.