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    500103   INE257A01026

BHARAT HEAVY ELECTRICALS LIMITED

(500103)
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Indian shares hit record highs for third day as Q1 GDP jumps

09/01/2021 | 01:55am EDT

BENGALURU, Sept 1 (Reuters) - Indian shares hit all-time highs for a third straight session on Wednesday after data showed that the economy grew more than 20% in the April-June quarter.

The blue-chip NSE Nifty 50 index was up 0.23% at 17,171.90 by 0512 GMT, after having risen to 17,225.75. The benchmark S&P BSE Sensex traded 0.31% higher at 57,728.16 after scaling to 57,918.71.

The record high levels for both the indexes come a day after they clocked their fourth straight monthly gain in August in a market flush with liquidity and solid global cues.

Data on Tuesday showed the Indian economy rebounded in the April-June quarter even as a devastating second COVID-19 wave swept the country, boosted by a surge in manufacturing and higher consumer spending.

That was in line with a Reuters poll forecast of 20.0%, compared with a record contraction of 24.4% in the same quarter a year earlier.

"(The) GDP (data) is indicating that the economy is recovering. We have to wait and watch how things evolve on factors like chip shortages, monsoon and COVID-19 cases," said Anita Gandhi, Director at Arihant Capital Markets, Mumbai.

"Strong liquidity is helping stock valuations which are bit expensive. As long as liquidity remains robust, supported by economic revival, stocks will continue their upward momentum."

Axis Bank Ltd and Bajaj Auto Ltd were among the top performers on the Nifty 50, adding 3% and 1.6%, respectively.

Bharat Heavy Electricals Ltd rose as much as 4.4% after it bagged work orders worth $1.48 billion from NPCIL.

Car maker Maruti Suzuki fell 1.2% after it warned that vehicle production in September will tumble by 60% due to a chip shortage.

Investors are now eyeing August sales data from automakers due during the day.

Asian shares gave up some of their recent gains on worries about slowing global growth. ($1 = 73.0250 Indian rupees) (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AXIS BANK LIMITED 0.98% 802 End-of-day quote.29.28%
BAJAJ AUTO LIMITED -0.04% 3965.9 End-of-day quote.10.30%
BHARAT HEAVY ELECTRICALS LIMITED -2.75% 74.3 End-of-day quote.106.96%
MARUTI SUZUKI INDIA LTD 0.20% 7496.9 Delayed Quote.-2.00%
NIFTY 50 0.97% 18338.55 Delayed Quote.31.16%
NSE -1.27% 15.5 Real-time Quote.26.02%
SENSEX 30 0.94% 61305.95 Real-time Quote.28.39%
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Analyst Recommendations on BHARAT HEAVY ELECTRICALS LIMITED
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Financials
Sales 2022 231 B 3 085 M 3 085 M
Net income 2022 -2 474 M -33,0 M -33,0 M
Net cash 2022 12 363 M 165 M 165 M
P/E ratio 2022 -122x
Yield 2022 0,62%
Capitalization 259 B 3 449 M 3 449 M
EV / Sales 2022 1,06x
EV / Sales 2023 0,93x
Nbr of Employees 32 131
Free-Float 36,8%
Chart BHARAT HEAVY ELECTRICALS LIMITED
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Bharat Heavy Electricals Limited Technical Analysis Chart | 500103 | INE257A01026 | MarketScreener
Technical analysis trends BHARAT HEAVY ELECTRICALS LIMITED
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Mean consensus -
Number of Analysts 0
Last Close Price 74,30 
Average target price
Spread / Average Target -
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Managers and Directors
Nalin Shinghal Chairman & Managing Director
Subodh Gupta Finance Director & Director
Rajeev Kalra Secretary & Compliance Officer
Rajesh Sharma Independent Director
Raj Kamal Bindal Independent Director