Bhel Up 2% On New Orders

Mumbai, January 24: | Updated: Jan 25 2003, 05:30am hrs
Bharat Heavy Electricals (Bhel) rose in an otherwise lacklustre market on Friday on the back of a sustained buying support from institutions.

On The Stock Exchange, Mumbai (BSE), the stock of the state-run power equipment major edged up 2.2 per cent closing at Rs 191.75, as against its previous close at Rs 187.40 with as many as 8,38,593 shares changing hands on the counter.

Of late, dealers opined, the stock of Bhel has been witnessing a support, following a slew of new orders in recent months. From a low of Rs 145.55 on Nove-mber 1, 2002, the stock has gained 31.5 per cent in two-and-half months to the current Rs 191.50.

Market sources said foreign brokerage firm Salomon Smith Barney was active on the counter on Friday.

Analysts remained optimistic about the performance of the company as they expect Bhel to come out with improved results for the remaining two quarters.

They further added the cost-cutting drive would help the company in the the forthcoming quarters.

Analysts informed Bhel has secured various contracts aggregating Rs 4,000 crore in the last few months, and at present is emphasising on project and product exports in a bid to ensure a sustained pace of growth in its overseas business.