The shares of Bharat Heavy Electricals Limited (BHEL) are continuously falling. On July 9, the company's shares reached a 52-week high of Rs 335. In the six months after this, the company's shares have fallen by 34 percent from the 52-week high level. The bearish phase of BHEL shares is still continuing 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 average.
BHEL shares are gradually improving
On one hand, while the Maharatna stock has been fluctuating for a year with a rise of 1.9 in beta, on the other hand, BHEL's stock has increased by up to 14 percent in the last one year. This has given the company a profit of 171.62 percent in two years. Due to the short-term weakening of the stock, BHEL's stock has fallen by up to 32 percent in the past months. The stock remains at Rs 221 on BSE this trading week. 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 in the oversold zone.
So many shares were transacted today
Today in early trade, a total of 0.53 lakh shares of the company were transacted, with a turnover of Rs 1.18 crore. JMM Financial has given a target price of Rs 371 for the company's stock. The brokerage firm said, looking at the strong order book, promising growth scenario, 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.
Less decline in shares since one month
Shiju Kuthupalakkal, Technical Research Analyst, PL Capital, while talking to business Today said, the company's stock has been witnessing less decline since last one month and it has reached near the support zone of previous low of Rs 218 and remained there for 60 minutes on intraday chart, which is an indication of the company's shares expected to improve in the coming time.
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