Stock market analysts are of the view that investors can buy BHEL stock to achieve an intraday target between Rs 240-244.

According to them, investors can buy the stock above Rs 238 with a strict stop loss of Rs 234.

Shares of the company, on Wednesday (Dec 23), closed at Rs 236.10 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 237.90 and a low of Rs 69 on BSE.

Current EPS & P/E ratio of the stock stood at 12.84 & 18.18 respectively.

SAIL announced that its follow-on-public offer is expected to come out shortly in two parts of 5 percent each.

SAIL also stated that it is waiting for an authorization from administration for the FPO issue.

The company’s CMD SK Roongta confirmed the news.

Mr. Roongta added that BHEL would require Rs 600 billion to spend on modernization as well as expansion.

Moreover, the steel maker announced that it will increase the prices of its products by January 2010 following an improvement in demand.

The company had slashed rates of its flat steel products by around Rs 2,000 per ton during the last two months due to decreasing international demand.