CLSA upgrades BHEL stock on divestment expectations
Shares of Bharat Heavy Electricals surged 9.6 per cent to end at Rs 58.90 on Wednesday after foreign brokerage CLSA upgraded the stock and raised target price on it.
The brokerage upgraded BHELNSE -1.61 % to ‘buy’ from ‘sell’ as the government looks to unlock value in select public sector companies by cutting stakes and allowing the private sector to run them.
CLSA has cut earnings estimates on BHEL for the current financial year but it has raised target price to Rs 67 from Rs 54 on rolling forward estimates and rerating on
