Bharat Heavy Electricals rose 1.71% to Rs 262 at 11:51 IST on BSE after a foreign brokerage upgraded the stock to buy from sell.
Meanwhile, the S&P BSE Sensex was down 105.72 points or 0.37% at 28,393.82
On BSE, so far 7.41 lakh shares were traded in the counter as against average daily volume of 5.79 lakh shares in the past one quarter.
The stock hit a high of Rs 266 and a low of Rs 258 so far during the day. The stock had hit a 52-week high of Rs 291.50 on 26 May 2014. The stock had hit a 52-week low of Rs 138.10 on 25 November 2013.
The stock had outperformed the market over the past one month till 24 November 2014, advancing 7.31% compared with Sensex's 6.14% rise. The scrip had also outperformed the market in past one quarter, surging 13.21% as against Sensex's 7.87% rise.
The large-cap electric equipment maker has an equity capital of Rs 489.52 crore. Face value per share is Rs 2.
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The foreign brokerage said that Bharat Heavy Electricals (Bhel) is now the top industrial pick from India citing better orders, earnings, underperformance, and under ownership by institutional investors as key reasons for the stock upgrade.
Bhel reported 72.6% fall in net profit to Rs 124.84 crore on 33.1% fall in total income to Rs 6340.14 crore in Q2 September 2014 over Q2 September 2013. Bhel has an outstanding order book position of about Rs 103700 crore as at 30 September 2014.
Bhel is the largest engineering and manufacturing enterprise in India in the energy related/infrastructure sector. The company caters to the core sectors including power, transmission, industry, transportation, renewable energy, oil & gas and defence.
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