Technical analyst Mitesh Thacker has maintained 'buy' rating on Bharat Heavy Electricals Limited stock with a short term target of Rs 2440.

The analyst said that the stock can be purchased with a stop loss below Rs 2310.

The stock of the company, on December 29, closed at Rs 2336.60 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 2695 and a low of Rs 2110 on BSE.

Current EPS & P/E ratio stood at 97.90 and 23.84 respectively.

The company has attained a major milestone by bagging two breakthrough deals from Indian Railways for the growth, production and supplies of 3-Phase IGBT-based propulsion systems for Locomotive engines and ac electric multiple units, hitherto the domain of top MNCs.

In a cumulative manner, the deal is valued at Rs 3,000 million.

BHEL, on Dec 30, has accrued a prominent deal worth Rs 386 billion as of November-end 2010.

AV Krishnan, ED, BHEL Trichy Complex said, "We will end this year with a fat order position, as typically the last few months of the financial year is when we get more orders from our customers."

In the recent past, there has been a spurt in Independent Power Plant projects. Out of the Rs 386 billion deals, the IPP section contributes to more than 25%.