BHEL share price jumps 9% to hit a 52-week high, up fourfold in less than a year; should you buy, sell, or hold?
Bharat Heavy Electricals (BHEL) jumped nearly 9 per cent to hit their fresh 52-week high in the morning session on Friday, May 3. BHEL share price opened at ₹296.90 against its previous close of ₹292.65 and jumped 8.7 per cent to hit its fresh 52-week high of ₹318.15 in morning trade on BSE on Friday, May 3. Around 10:15 am, BHEL share price traded 6.80 per cent higher at ₹312.55 apiece.
Equity benchmark Sensex was 0.45 per cent higher at 74,946.70 at that time. BHEL share price has been gaining since April 30 when it announced entering into a strategic partnership agreement for the railway signalling business with HIMA Middle East FZE, Dubai. If the stock ends in the green, it will be its third consecutive session of gains.
"BHEL has entered into a strategic partnership agreement for the railway signalling business with M/s HIMA Middle East FZE, Dubai (a wholly owned subsidiary of HIMA Paul Hildebrandt GmbH, Germany). HIMA is the world’s leading solution provider for safety-related automation in the railways and process industries," BHEL said in an exchange filing on April 30. "BHEL has been supplying locomotives, electrics for EMU/MEMU, propulsion systems, traction motors, traction alternators, traction transformers, etc., to Indian Railways.
The partnership with HIMA will further enhance BHEL’s offerings to Indian Railways," the company said. Meanwhile, Abhilash Pagaria, the head of Nuvama Alternative and Quantitative Research, believes BHEL is among those midcap stocks that may be moved to the large-cap segment in the next AMFI categorisation. The cut-off period for this categorisation is from Jan 1, 2024, to June 30, 2024, and the announcement is expected in the first week of July.
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