BHEL Shares At All-Time High After Signing Pact With CMTI
The company will collaborate with CMTI on technology for hydrogen value chain and IIOT solutions.
Shares of Bharat Heavy Electronics Ltd. rose on Friday as the company signed a pact with Central Manufacturing Technology Institute.
The company will collaborate with CMTI, an autonomous institution under the administrative control of Ministry of Heavy Industries, on technology for hydrogen value chain and IIOT solutions for "predictive maintenance of machines & manufacturing processes", according to its exchange filing.
BHEL shares rose as much as 2.65% to Rs 186.20 apiece to reach its all-time high. It pared gains to trade 1.85% higher at Rs 184.75 apiece as of 10:23 a.m. compared to a 0.73% advance in the NSE Nifty 50 Index.
It has risen 133.2% year-to-date. The relative strength index was at 79.
Of the 19 analysts tracking the company, five maintain a 'buy', one recommends 'hold' and 13 suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies an upside of 121.2%.
