BHEL Shares: The shares of Bharat Heavy Electricals Limited (BHEL) continue to fall. On July 9, the company’s shares reached a 52-week high of Rs 335. In the subsequent six months, the company’s shares have declined by 34 percent from their 52-week high level. BHEL shares are currently in a bearish trend as the company’s stock is trading below its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day and 200-day moving averages.
BHEL shares are gradually improving
On one hand, Maharatna stock has been fluctuating for a year with an increase of 1.9 in beta, while on the other hand, BHEL stock has increased by 14 percent in the last one year. Due to this, the company has gained 171.62 percent profit in two years. BHEL’s stock has declined by 32 percent in the last few months due to weak stock in the short term. In this trading week the share remains at Rs 221 on BSE. Currently the market cap of the company is Rs 77,998.22 crore. The Relative Strength Index (RSI) of BHEL shares is 37.4, which indicates that it is neither in the overbought nor oversold zone.
So many shares were traded today
In the early trade today, a total of 0.53 lakh shares of the company were transacted, whose turnover was Rs 1.18 crore. JMM Financial has given the target price of the company’s shares at Rs 371. The brokerage firm said, considering the strong order book, promising growth outlook, improvement in margins, it can be said that the company has gained momentum. Revenue/EBITDA is expected to grow at a CAGR of 30%/103% during fy24-fy27e.
Shares have fallen less than a month
Speaking to Business Today, Shiju Kuthupalakkal, Technical Research Analyst, PL Capital, said the company’s stock has been witnessing lower losses since last one month and has reached near the support zone of its previous low of Rs 218 on intraday chart. But it remained for 60 minutes, which is a sign of hope of improvement in the company’s shares in the coming time.
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