India's BHEL gains; ICICI Securities expects higher orders

ICICI Securities

11/06/2024 09:13

** Shares of Bharat Heavy Electricals  BHEL.NS  rise nearly
3% to 292.6 rupees
    ** Stock among top pct gainers on the Nifty mid-cap index
 .NIFMDCP100 , which is up 1.1% 
    ** ICICI Securities sees BHEL as major beneficiary for power
plant tenders in FY25 on strong pipeline, lower competition
    ** Expects about 800 bln rupees ($9.58 bln) worth tender
wins in the period, which should boost margins from FY26
    ** Brokerage keeps "buy" rating, with PT of 370 rupees, a
30% premium on last close
    ** BHEL has jumped ~51% YTD, making it the 13th best
performer on the mid-cap index
    ** Mid-cap index has gained 16.5% so far in 2024
 
 ($1 = 83.5418 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))