Shares of Bharat Heavy Electricals Ltd (BHEL) witnessed a strong rebound on Friday, bucking the weak trend in the broader market. The stock jumped over 4% in early trade, recovering part of its sharp losses from the previous session.
As of 10:10 am, BHEL shares were trading at Rs 282.40, up Rs 10.10 or 3.71%, compared to the previous close of Rs 272.30. The stock opened higher at Rs 279.10 and continued to move upward during the session. It touched an intraday high of Rs 285.50 and a low of Rs 273.10, with the VWAP at Rs 279.10.
Despite the bounce, the stock remains below its 52-week high of Rs 305.85, though well above its 52-week low of Rs 176. Exchange data shows that BHEL’s price-to-earnings (P/E) ratio has stayed above 50 for the last four quarters, indicating elevated valuations.
The key trigger for Friday’s rally was a fresh order announcement by the company. BHEL said it has secured an order from Bharat Coal Gasification and Chemicals Limited (BCGCL) for setting up coal gasification and raw syngas cleaning facilities.
The project is part of a coal-to-ammonium nitrate plant being developed at Jharsuguda in Odisha. BCGCL is a joint venture of BHEL and Coal India Limited, making the order strategically significant for the company.
The rebound also follows a sharp sell-off on January 8, when BHEL shares hit the 10% lower circuit after reports suggested that India may ease restrictions on Chinese firms bidding for government contracts. That news triggered heavy selling in government-linked stocks like BHEL, which derives a large part of its business from PSU and infrastructure projects.
BHEL is a major supplier of equipment for India’s power sector, manufacturing turbines, boilers, and generators for thermal power plants. The company has executed several supercritical power projects of 800 MW and above and counts major players such as NTPC and Adani Power among its clients
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