multibagger bhel shares: Multibagger BHEL’s shares rally 3%, hit fresh 52-week high
On Monday, the Indian stock exchanges had asked the company to issue clarification on the news article.
Citing sources, the Hindu Business Line report said that BHEL emerged as the best bidder, pipping L&T-MHI after the financial bids were opened on Friday.
Under the contract, BHEL will build three ultra-supercritical units of 800 MW each for NLC India at Talabira, the report said, adding that NLC has added a fourth unit of 800 MW to the project. The EPC tender was for the first three projects, the report claimed.
It is not clear whether or not there would be a separate tender for the fourth unit, the report said.
The price action has been supported by strong volumes as over 6 crore shares traded on the NSE on Monday and 5.48 crore today. The traded value of shares stood at Rs 1,106.08 crore.
The stock is trading in an overbought zone with momentum indicators RSI and MFI at 73 and 79.4, according to Trendlyne. A number above 70 is considered as overbought while below 30 is oversold.The stock has given returns of over 150% over a 1-year period outperforming the Nifty which has delivered 19% returns during this period. BHEL is currently trading above its 50-day and 200-day simple moving averages (SMAs).
The stock has been relatively low on the volatility front with a 1-year beta of 0.2, according to Trendlyne.
The multibagger stock also trades in the F&O segment. Market wide position limit (MWPL) for BHEL stood at 84.7% with OI reported by Trendlyne at 103.7 million. It was up by 4.6% from the previous session.
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