Two PSUs (Public Sector Undertaking(s)) are extremely close to their 52 week highs after receiving significant orders over the weekend. Both stocks rose close to 4% and continue to see healthy volumes and momentum – both of which are surpassing previous session volumes.
Bharat Heavy Electricals Ltd (“BHEL”) received an order from NHPC Ltd (hydropower PSU) worth Rs. 2,242 crore and is to be executed over the next 5 years. The order is to design, develop, manufacture, supply, erect and commission Electro-Mechanical package involving turbine, generator, digital governing system, static excitation system, transformers, bus reactors, gas insulated switchgear and other switchgear equipment for 12×240 MW Dibang Multipurpose Project in Arunachal Pradesh. The contract will be fulfilled by facilities in Bhopal, Bangalore, Jhansi and Rudrapur; on-site activities will be handled by Eastern Region Division, Kolkata.
BHEL stock rose 5% within the first hour of market open today and is currently 3.4% away from its 52 week high. The stock has been on an uptrend since July 2022, trading currently 6.5% above its 20 day moving average and 32.6% above its 200 day moving average. BHEL stock has returned 38% YTD.
As per BSE filing, BEML Ltd (“BEML”) received a contract for export order from M/s KAMSS Ltd, Russia, for BEML Dozer BD355 worth USD 19.71 million or Rs. 163 crores. Contract to be executed in different phases in its normal course of business starting from August, 2023, for which purchase order has been received.
BHEL stock rose 5% within the first hour of market open today and is currently 3% away from its 52 week high. The stock has been on an uptrend since March 2023, trading currently 6% above its 20 day moving average and 44.7% above its 200 day moving average. BEML stock has returned 48% YTD.
Written by Sandeep R
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