"Most retail investors have bet on the company seeing the overall rally in the PSU space," said Avinash Gorakshakar, the head of research at ProfitMart Securities. "But if execution is not proper, the shares will see a speed-breaker. Markets are buying into the narrative right now, the numbers are yet to follow," he said. BHEL shares have surged more than 40% in November alone with steady volumes and closed at ₹183.45 on Thursday.
Rail Vikas Nigam, BHEL, Oil India, and MOIL were fined by over Rs 10 lakh by the exchanges. The companies have clarified to the exchanges that the power to appoint independent directors rests with the government as they are state-owned firms.
The stock hit a 52-week high of Rs 99.53 in intraday trade on July 25. It has rallied over 6% in a week and nearly 30% in the last 3 months. The momentum has helped the stock break above the swing high of Rs 91.45 recorded on December 5, 2022. With this, it has also ended the 7-month-long consolidation phase.
Shares of Bharat Heavy Electricals Limited (BHEL) slipped 9 per cent to Rs 39.55 on the BSE in Monday s intra-day trade, in an otherwise strong market, after the company reported a loss of Rs 231 crore in the December quarter (Q3FY21) due to poor operational performance. The state-owned heavy equipment company had posted a profit after tax of Rs 159 crore in Q3FY20. At 12:29 pm, BHEL was trading 8 per cent lower at Rs 40.10 on the BSE as compared to a 0.99 per cent risen in the S&P BSE Sensex. A combined around 94 million equity shares have changed hands on the counter so far on the NSE and BSE.