Defensive BHEL charging up

DALAL STREET SPIKES

Power Equipment major, BHEL bucked the overall negative trend in the market to end in the positive territory.

Over the past few months, it has turned out to be a defensive stock, said market analysts. The stock continue to witness buying support because of the strong order book position of the company.

BHEL gained 0.53 per cent to close at Rs 562.70 on impressive volumes of 1.95 lakh shares on the BSE. More than 5.5 lakh shares were traded on this counter on the NSE.

As per the latest reports, BHEL has bagged an order worth Rs 2 crore for the supply of disc insulators to Tyco Electronics. At the end of the first quarter ended June, 2004, the company's order book stood around Rs 28,000 crore. The stock in Thursday's trading rallied in a narrow range of Rs 557-568.70.