Why BHEL stock rose 7% in a declining market today

Shares of Bharat Heavy Electricals Limited (BHEL) rose nearly 7% today after the public sector company said it won an order from the Goa Shipyard for a warship gun mount. The stock has gained 6.31% over the past two days. It hit an intraday high of Rs 60.8, up 6.85% from the previous close of Rs 56.90 on BSE.

BHEL stock trades above 5-day, 20-day, 50-day, and 200-day moving averages but below 100-day moving averages.

The stock has gained 89.31% in one year and is up 67.69% since the start of this year.

A total of 65.23 lakh shares of the company changed hands, representing a turnover of Rs 38.80 crore on BSE. The company’s market capitalization reached Rs 20,962 crore.

On the NSE, BHEL stock opened at Rs 56.95, recording an intra-day high of Rs 60.80 and an intra-day low of Rs 56.85, during the session so far. It was last trading 5.27% higher at Rs 59.95 on the NSE.

The order includes the supply, installation and commissioning of the entire system – enhanced SRGM and accessories for the Indian Navy Triput class frigates, which will be manufactured by BHEL’s Haridwar unit.

The upgraded SRGM is a state-of-the-art weapon system with additional features such as the ability to handle different types of ammunition to engage fast, maneuverable and non-maneuverable radio-controlled targets. The upgraded SRGM has the ability to fire advanced ammo with higher range and programmable ammo.

Meanwhile, Sensex plunged 481 points to 59,596 and Nifty lost 120 points to 17,734 in today’s trading.


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