BHEL Share Price | BHEL stock will make rich! Brokerage estimates bullishness on company's shares
BHEL Share Price For the last several days, there has been a sell-off in the Indian stock market, due to which investors are facing losses of thousands of crores of rupees and foreign investors are continuously withdrawing money from the domestic market. Some stocks continued their bullish momentum during the market crash, while others fell into decline. Shares of Maharatna company Bharat Heavy Electricals Limited had seen selling recently, but showed some recovery on Wednesday. The Maharatna stock had reached its all-time high last year and now after six months, shares of the government company are down 34% from its all-time high. BHEL shares witnessed a bearish trend as the company's stock was trading below its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day and 200-day moving averages.
The state-owned company's stock is slowly on its way.
On one hand, Maharatna shares have been fluctuating in the last one year and have gained 1.9%, while on the other hand, BHEL shares have gained 14% in the last one year. Moreover, the company has registered a growth of 171.62% in the last two years and BHEL stock has fallen by 32% in the last few months due to weak shares in the short term. At the same time, this business week the share was trading at Rs 221 on BSE. The company currently has a market cap of ₹77,998.22 crore and BHEL shares have a Relative Strength Index of 37.4, which indicates that the multibagger stock is not trading in overbought or oversold zones.
JMM Financial Brokerage – Target Price
JMM Financial has given a target price of Rs 371 for the company's shares. The brokerage said that the company has once again gained momentum given the strong order book, promising growth conditions and improvement in margins. If we look at the performance of this share so far, the share of the government Maharatna company has increased the investors' money almost four times in five years, but in the last six months this share has given a negative return of 34%. Apart from this, BHEL shares have increased by 14% in one year and 171.62% in two years. JM Financial said, 'BHEL's growing order book has led to improvement in growth and profitability. With this the company has once again taken the path of growth. In such a scenario, we expect the company's Revenue/EBITDA to grow in the coming years.
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