Technical analyst Devang Mehta of Anand Rathi Financial Services is bullish on Bharat Heavy Electricals Limited (BHEL) and has maintained 'hold' rating on the stock to achieve a long term target.

The analyst said that the stock can be purchased to achieve a target of Rs 2770.

Today, the stock of the company opened at Rs 2060 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 2695 and a low of Rs 1911 on BSE.

Current EPS & P/E ratio stood at 104.65 and 19.82 respectively.

Bharat Heavy Electricals Limited (BHEL) has bagged a deal from PGCIL for 800 kilovolt 6,000 MW HVDC multi-terminal system package related with the NE/ER-N/WR Interconnector-1 project, in grouping with ABB, Sweden.

The value of the deal is Rs 15.90 billion.

This is the biggest deal for the company under T&D segment.

BHEL, Tiruchi, has sketched a major capacity increase plan by the next two years with a total investment of Rs 6 billion.

The plan consists of the Phase III development for a high force boiler plant at the subsisting division and the Thirumayam unit, which will fulfill the demand from petrochemical industries and nuclear equipment makers.

For the quarter ended December 2010, BHEL registered an increase of 30.83% in its net profit, which remained at Rs 14,032.30 million as against Rs 10,725.90 million for the same period of 2009.

The company's overall income surged 23.63% to Rs 91,762.60 million for the period under review as against Rs 74,225.10 million suring the corresponding period of 2009.