BHEL shares hit 52-week high on bid to manufacture Vande Bharat trains

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Shares of Bharat Heavy Electricals Ltd (BHEL) gained 7% today in an otherwise weak market as the state-owned firm bagged mega Rs 58,000-crore contracts to build 200 Vande Bharat trains and maintain them for the next 35 years. entered the race.

BHEL shares have gained 12 per cent in the last three days. It touched a 52-week high of Rs 91.1, up 7.56% against its previous close of Rs 84.70 on BSE today. BHEL stock is trading above 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 49.36% in one year and has gained 53.52% since the beginning of this year. A total of 70.31 lakh shares of the firm saw a turnover of Rs 62.32 crore on BSE. The market cap of the firm rose to Rs 31,530 crore.

Other players in the race include French railway major Alstom; the Medha-Stadler consortium between Swiss railway rolling stock maker Stadler Rail and Hyderabad-based Media Servo Drives; Siemens with BEML, and Russian rolling stock maker Transmashholding (TMH) with an Indian firm.
The tender document reveals that the successful bidder will have to make a prototype of the sleeper class for Vande Bharat trains within 24 months.

Read also: Apollo Hospitals, BHEL, RBL Bank and Redington Axis Securities are the 4 top trading picks for 3-4 weeks

Indian Railways is planning to introduce the first sleeper version of the Vande Bharat train by the first quarter of 2024. So far, the Railways has awarded contracts for manufacturing 102 Vande Bharat trains which are all chair cars.

Meanwhile, the Indian market today snapped eight consecutive sessions of gains. In the afternoon session, the Sensex closed 563 points lower at 62,720 and the Nifty closed 163 points lower at 18,649.

Bharat Heavy Electricals Limited is an engineering and manufacturing company. It is an integrated power plant equipment manufacturer. Its segments include power and industries.

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