231% return in 1 year: This multibagger PSU stock is in focus - Check target price

BHEL Share Price Target, PSU Stock To Buy: Shares of Bharat Heavy Electricals Limited (BHEL) opened in green as benchmark equity indices continued to rally for the third day running on Friday. The counter opened at Rs 279.95 and went on to touch the day's high of Rs 282.60 on the BSE. This was a jump of around 1.5 per cent from the previous close of Rs 278.15.

Last seen, the counter was trading at Rs 279.30. The scrip has maintained the momentum after settling 9 per cent higher on Thursday. The company's market valuation stands at Rs 97,254 crore. 

The 52-week high and low of the PSU stock are Rs 322.35 and Rs 83.10 respectively.

The stock jumped 14.57 per cent to Rs 292.45 on the BSE on Thursday. It later ended at Rs 278.15 apiece, up 8.97 per cent. On the NSE, it climbed 14.48 per cent to Rs 292.35 in intra-day. The stock later ended the session with a gain of 9 per cent at Rs 278.50 per piece.

BHEL Share Price History

Bharat Heavy Electricals Limited (BHEL) is one of the PSU stocks that have given investors multibagger returns amid the share market's ups and downs. According to BSE analytics, it has given a 231 per cent return in one year and around 453 per cent in two years. The counter has already gained over 40 per cent so far this year. However, it has given a negative return of 6.52 per cent in one week.

BHEL Share Price Target

Nuvama Institutional Equities recently raised its target price on the stock by 51 per cent. The brokerage firm feels BHEL is best placed to ride the thermal power wave over the next 12–24 months. Nuvama had in July 2023 upgraded BHEL to a ‘BUY’ when the stock price was Rs 94.

Brokerage house Antique has advised to buy BHEL. Also, the target price per share has been kept at Rs 299.

The stock is in focus after securing an order worth over Rs 3,500 crore from Adani Power Limited to set up a thermal power project in Raipur, Chhattisgarh.

It has "signed contract agreement on June 5, for the supply of equipment (boiler, turbine, generator) and supervision of erection and commissioning for 2x800 MW power project based on Supercritical Technology", Bharat Heavy Electricals Ltd (BHEL) said in an exchange filing on Wednesday.