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BHEL share price may see over 30% upside; Nuvama raises target price
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Bharat Heavy Electricals Ltd (BHEL) has already secured 3GW of thermal orders in H1FY24, according to a recent report from domestic brokerage Nuvama Institutional Equities. An additional 7.4GW of thermal orders are presently being tendered for (awards by Q4FY24/Q1FY25).
So, the brokerage projects that BHEL will have 6-7GW of thermal OI and a 50% market share by the end of FY24. The power ministry of India raised its thermal capital expenditure target to 50–55 GW (from 30 GW), according to the brokerage, due to increased power demand and the inadequacy of renewable energy sources to meet the country's continuous supply needs.
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