NALCO, IRFC, NTPC Share Price Jumps; Dredging Corporation, IREDA Decline
NALCO, IRFC, BHEL, NTPC shares were in demand on Wednesday but majority of action was witnessed in technology stocks. HCL Technologies jumped after the company announced strong quarterly results. Other technology stocks were also trading firm, including Infosys, Tech Mahindra and TCS. Dredging Corporation and IREDA closed the session with minor losses while there was strong volume on both the counters. PSU stocks were range-bound in today's session. Indian markets closed positive and the sentiment was helped by strong US Futures. US President Donald Trump hinted that he might consider reducing tariffs and markets reacted with strong positive momentum. TopNews Team has reviewed technical levels for PSU stocks with strong investor interest.
Technical Levels for High Volume PSU stocks
NALCO
NALCO continues to exhibit value traction given its low P/E of 7.07 and strong dividend yield of 6.18%. The stock remains in a consolidation phase after retracing from its 52-week high of Rs 262.99. Watch for potential reversal signals near the Rs 200–215 Fibonacci zone.
BHEL
BHEL is trading in the upper-middle Fibonacci zone after a steep correction from its 52-week high. The inflated P/E of 154.30 suggests high valuation expectations, so investors should monitor price behavior near the Rs 255–275 range. Momentum buying may return on a break above Rs 298.
NTPC
NTPC offers a steady play with a 2.05% yield and P/E of 15.99, remaining a core public sector performer. Price is hovering near the Rs 360–370 level, which lies close to the 50% Fibonacci retracement. A move past Rs 370 may push it towards Rs 412.
Dredging Corporation
Dredging Corporation trades with high volatility and no clear earnings visibility due to a missing P/E ratio. The Rs 976–1090 Fibonacci band will act as a medium-term resistance zone, with key support near Rs 701. Re-entry should be based on volume and directional conviction.
IREDA
IREDA, a recent PSU star, trades well above its 78.6% retracement level, showing remarkable strength post listing. The Rs 223–243 range could provide a technical base, while any breakout beyond Rs 270 might target Rs 310 again. Monitor for fresh volumes around Rs 250.
Fibonacci Retracement Levels
| Stock | 52-Week High | 52-Week Low | Current Price | Market Cap | P/E Ratio | Dividend Yield | Fibonacci Levels (Rs) |
|---|---|---|---|---|---|---|---|
| NALCO | Rs 262.99 | Rs 137.75 | Rs 160.30 | Rs 29.79K Cr | 7.07 | 6.18% |
23.6%: Rs 168.68 38.2%: Rs 188.91 50.0%: Rs 200.37 61.8%: Rs 211.83 78.6%: Rs 228.12 |
| BHEL | Rs 335.35 | Rs 176.00 | Rs 230.40 | Rs 80.29K Cr | 154.30 | 0.11% |
23.6%: Rs 215.88 38.2%: Rs 242.32 50.0%: Rs 255.68 61.8%: Rs 269.04 78.6%: Rs 288.34 |
| NTPC | Rs 448.45 | Rs 292.80 | Rs 362.95 | Rs 3.53L Cr | 15.99 | 2.05% |
23.6%: Rs 329.91 38.2%: Rs 353.61 50.0%: Rs 370.63 61.8%: Rs 387.65 78.6%: Rs 410.13 |
| Dredging Corp | Rs 1457.95 | Rs 495.00 | Rs 618.80 | Rs 1.69K Cr | - | - |
23.6%: Rs 772.76 38.2%: Rs 926.37 50.0%: Rs 976.48 61.8%: Rs 1026.59 78.6%: Rs 1090.31 |
| IREDA | Rs 310.00 | Rs 137.01 | Rs 179.80 | Rs 47.79K Cr | 28.16 | - |
23.6%: Rs 177.48 38.2%: Rs 199.96 50.0%: Rs 223.50 61.8%: Rs 247.04 78.6%: Rs 276.32 |
BHEL Stock in Focus
PSU major BHEL posted a substantial increase in annual revenue and recorded its highest-ever order inflows. With major wins in the power sector, forays into green hydrogen, and international collaborations, BHEL is positioning itself as a central player in India’s infrastructure and energy transformation. While its stock has shown long-term strength, recent volatility warrants a closer examination. The following analysis explores BHEL’s operational momentum, strategic pivots, financial resilience, and what lies ahead for investors and policymakers alike.
Strong Revenue Growth and Historic Order Book
BHEL closed FY2025 with Rs 27,350 crore in revenue, marking a 19% year-on-year jump. This is a noteworthy rebound for the engineering major, which has faced headwinds over the past decade due to delays in thermal power capacity additions and policy shifts. However, the headline number pales in comparison to its achievement on the order side.
At Rs 92,534 crore, BHEL recorded its highest-ever annual order inflows. This pushes the company’s total order book to Rs 1,95,922 crore — a robust foundation for future execution and earnings visibility.
The power sector continues to be BHEL’s bedrock, with Rs 81,349 crore in fresh orders during the year. Notably, the industrial segment contributed Rs 11,185 crore, underlining the company’s success in expanding its non-power footprint, including sectors like defence, railways, and process industries.
Execution Milestones and Operational Efficiency
Beyond order wins, BHEL demonstrated its ability to convert plans into results. The company successfully commissioned or synchronised 8.1 GW of power generation capacity in FY25. This operational milestone reaffirms its engineering capabilities and project management discipline — a key differentiator in the EPC (engineering, procurement, and construction) space.
Such efficient execution will be critical in retaining client confidence, especially for marquee orders like the recently awarded Koradi and Singareni thermal power plants.
Stock Market Performance: Long-Term Strength Amid Short-Term Swings
As of April 23, 2025, BHEL’s share price stands at Rs 230.53, with a market capitalization of Rs 80,272 crore. The stock has delivered exceptional long-term returns:
3-year gain: +327%
5-year gain: +977%
1-year performance: -11%
The one-year decline signals investor caution or profit booking following the stellar multi-year rally. The 52-week high of Rs 335.35 and low of Rs 176.00 indicate heightened volatility, characteristic of capital goods stocks tied to project-based revenues and policy cycles.
