Bullet train project: BHEL rallies on rolling stock contract

NEW DELHI: Shares of Bharat Heavy Electricals ( BHEL) witnessed a sudden spike in morning trade after reports that the company will make rolling stock for bullet train.

The scrip was trading 4.11 per cent up at Rs 138 around 10.34 am (IST). It closed the day at Rs 137.40, up 3.66 per cent on BSE. Shares of the company opened at Rs 132.42 and touched a high and low of Rs 145.80 and Rs 132.25, respectively.

Order will be big boost for BHEL, former CMD said.

PM Narendra Modi and his Japanese counterpart Shinzo Abe on Thursday laid foundation stone for India's first bullet train between Ahmedabad and Mumbai.

Shares of BHEL had hit 52-week high of Rs 182.65 on April 25, 2017 and 52-week low of Rs 116.15 on December 27, 2016.

Kawasaki will also make rolling stock for bullet train, according to reports.