Bharat Heavy Electricals Limited (BHEL) Shares Soar Over 14% to Reach Over Eight-Year High of Rs 269.35 on NSE, Driven by Heavy Trading Volumes on March 4 Morning.
The trading session witnessed a total turnover of 15 crore shares on both BSE and NSE combined, significantly surpassing the one-month average of 4 crore shares.
The uptrend in BHEL’s stock was bolstered by news that the board of another state-run peer, NTPC, approved a substantial investment of Rs 17,195.3 crore for the third phase of the Singrauli Super Thermal Power Project, for which BHEL was the sole bidder for construction.
As of 11:47 am on NSE, BHEL was trading at Rs 267.75, marking a 13 percent increase from the previous day’s close. This remarkable performance underscores BHEL’s status as a multibagger stock, having surged over 250 percent in the past year, compared to a 26 percent rise in the Nifty. Notably, in the last six months alone, the stock has witnessed a staggering 93 percent surge.
The stock of integrated power plant equipment manufacturer BHEL has experienced a significant surge following the recent signing of a joint venture agreement (JVA) with Coal India (CIL) to delve into the coal to chemicals business.
Under this venture, a coal to 2,000 TPD ammonium nitrate plant will be established utilizing BHEL’s proprietary pressurized fluidized bed gasification (PFBG) technology.
The equity shareholding in the joint venture will be divided, with CIL holding 51 percent and BHEL holding 49 percent. The joint venture will be established as a ‘Private Limited’ company with an initial paid-up share capital of Rs 1 lakh.
BHEL operates within the power and industry segments, supplying a range of equipment including turbo generators, boilers, turbines, and accessories, and constructing plants based on various energy sources such as gas, coal, hydro, nuclear, and solar power.
The company caters to diverse sectors including process industries, transportation, power transmission and distribution, and defense. BHEL is involved in the design, engineering, manufacturing, construction, testing, commissioning, and servicing of a wide array of products.
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