Shares of Bharat Heavy Electricals Ltd ┬а(BHEL) gained 7% in an otherwise weak market today after the state-owned firm entered the race for the mega Rs 58,000-crore contract to manufacture 200 Vande Bharat trains and maintaining them for the next 35 years.
BHEL stock has gained 12% in the last three days. It touched a 52 week high of Rs 91.1 today, rising 7.56% against the previous close of Rs 84.70 on BSE. BHEL shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 49.36% in one year and risen 53.52% since the beginning of this year. Total 70.31 lakh shares of the firm changed hands amounting to turnover of Rs 62.32 crore on BSE. Market cap of the firm rose to Rs 31,530 crore.
Other players in the race include French railway major Alstom; Medha-Stadler consortium between Swiss railway rolling stock manufacturer Stadler Rail and Hyderabad-based Media Servo Drives; Siemens along with BEML, and Russian rolling stock manufacturer Transmashholding (TMH) along with an Indian firm.
The successful bidder has to manufacture a prototype of the sleeper class for Vande Bharat trains within 24 months, the tender document shows.
Also Read:┬аApollo Hospitals, BHEL, RBL Bank & Redington are Axis Securities’ 4 top trading picks for 3-4 weeks
The Indian Railways plans to roll out the first sleeper version of Vande Bharat train by the first quarter of 2024. Till now, the railways have awarded contracts for manufacture of 102 Vande Bharat trains which are all chair car.
Meanwhile, Indian market snapped eight straight sessions of gains today. Sensex fell 563 points to 62,720 and Nifty lost 163 points to 18,649 in the afternoon session.
Bharat Heavy Electricals Limited is an engineering and manufacturing company. It is an integrated power plant equipment manufacturer. Its segments include power and industry.
