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BHEL surges 14% after CLSA upgrades rating, raises target

CLSA believes that the risk is limited, as the stock is at our pre-upgrade target price.

October 30, 2019 / 09:37 AM IST
 
 
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Shares of Bharat Heavy Electricals (BHEL) added 14 percent in the early trade on October 30 after research house CLSA has upgraded the rating and also raised the target price.

CLSA has upgraded the stock to buy from sell and also increased target price to Rs 67 from Rs 54 per share earlier.

According to CLSA, the strategic sale is going to unlock the value, while it also cut FY20 EPS estimates on a weak H1.

The company has a lot to gain from a strategic partner and even if the company’s divestiture fails, there will be a little downside at CMP, it added.

It believes that the risk is limited, as the stock is at their pre-upgrade target price.

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The share price rose 38 percent in the last 15 days.

Recently, the stock was in the news after a report of government may consider bringing down its stake in BHEL, sources told CNBC Awaaz.

The company’s board meeting is scheduled on November 13 to consider and approve the unaudited financial results for & up to the quarter ended September 30, 2019.

At 0917 hrs, Bharat Heavy Electricals was quoting at Rs 60.60, up Rs 6.85, or 12.74 percent on the BSE.



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Moneycontrol News
first published: Oct 30, 2019 09:37 am
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