Shares of Bharat Heavy Electricals Ltd (BHEL) resumed their upward trajectory in Monday’s session, rebounding from a brief pause in the previous trading day. The stock surged by 5.62%, reaching a peak of Rs 136.20, surpassing the prior day’s close at Rs 128.95. Although currently standing 8.56% below its one-year pinnacle of Rs 148.95 on September 11, the stock has marked an impressive ascent of 105.43% from its 52-week low of Rs 66.30, recorded on February 27, 2023.
Despite facing a setback, the state-run power generation equipment manufacturer reported a noteworthy shift, transforming into a multibagger with a remarkable rally of 105.43% from its recent low. In the September quarter of 2023-24 (Q2 FY24), BHEL declared a net loss of Rs 238 crore, a stark contrast to the Rs 12 crore profit reported in the corresponding period of the previous year. Concurrently, the company’s revenue dipped by 1.5% to Rs 5,125.3 crore compared to Rs 5,202.6 crore in the same quarter last year.
Within the power segment, BHEL showcased resilience with a 3% uptick in consolidated revenue, reaching Rs 3,927.18 crore during Q2 FY24, compared to Rs 3,814.35 crore in September FY23.
Analyzing the technical setup, market analysts maintained an optimistic stance on the stock. Key support levels were identified at Rs 128.7, with a secondary support level at Rs 107.
As of 1:01 pm, the shares demonstrated a robust performance, trading 6.51% higher at ₹137.40.
