BHEL extends rally to 6th session, jumps 8% on order win from NTPC
BHEL) jumped nearly 8% to hit their 52-week high of Rs 130.55 on the NSE in Friday's trade after the state-run bagged an order from NTPC for setting up a thermal power project in Chhattisgarh.
The stock has remained undefeated over the past five trading sessions and gained over 24% in this rally.
Today’s price action was accompanied by strong volumes as more than 4 crore shares traded on the NSE. The traded value of the shares stood at Rs 5,136.80 crore.
The stock was trading in an overbought zone with day’s RSI and MFI at 73.6 and 81.8 according to Trendlyne data.
A number above 70 is considered to be an overbought zone for the stock. BHEL is also trading above its 50-day and 200-day Simple Moving Averages (SMA) according to Trendlyne data.
The multibagger stock has given 117% returns in the past 12 months and outperformed the Nifty50 by nearly 12-fold.
The 50-stock index has returned 10% during this period.
Investors or traders willing to make a move must watch out for the volatility as the counter has traded with a 1-year beta of 1.2.
The PSU company reported a consolidated net loss to Rs 343.89 crore in the April-June quarter compared to the year-ago period mainly due to higher expenses. The company had reported a consolidated net loss of Rs 187.99 crore in the quarter ended on June 30, 2022, a BSE filing showed.
Total expenses of the company rose to Rs 5,595.47 crore in the quarter from Rs 5,006.50 crore in the same period a year ago.
