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

Shares of Bharat Heavy Electricals Limited (BHEL) touched a six-year high at Rs 164.60 while rising 5 percent on the BSE during intraday trade on Wednesday, supported by heavy volumes after contract signing. The company today said it has signed a contract with the Ministry of Defense (MoD) for 16 Nos. super-fast gun mounts (SRGMs) against the Letter of Intent (LOI) received earlier in March 2023.

Shares of a state-owned company traded at their highest level since May 2017. Since April, BHEL’s market price has more than doubled or risen 135 percent from a level of Rs 70.13. A total of 51.27 million shares have changed hands on the NSE and BSE so far today.