Karvy Stock Broking Limited has maintained 'Buy' rating on BHEL stock to achieve a target of Rs 2340 in 1-2 trading sessions.

According to Karvy, interested traders can buy the stock between Rs 2280-2290 with a strict stop loss of Rs 2265.

The shares of the company on Thursday, (Dec 11), closed at Rs 2292.40 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2550 and a low of Rs 1250 on BSE.

Current EPS and P/E of the stock stood at 70.81 & 32.97 respectively.

Bharat Heavy Electricals (BHEL) has announced that it would hire around 4,000 people, comprising executive engineers, yearly at least for the next 3 years as PSU is starting new JVs.

BHEL has forwarded an offer to the Rail department to establish a construction facility at the Railway Workshop in Kalcharapar.

The proposed JV would permit BHEL to create self-propulsion vehicles together with delicate components for the Railways on an assured off-take.

B Prasada Rao, CMD of BHEL, said that BHEL planned to augment the head count to 52,000-55,000 by 2012 end.

Presently, over 45,000 people are working in different BHEL divisions.

Moreover, BHEL has decided to invest around Rs 235 crore by next 2-3 years in BHPV. It was bought by BHEL in 2008.

The investment will largely go into modernizing the facility and infusion of working capital.