BHEL’s stock has doubled in 2023 but some still wary

“Most retail investors have bet on the company seeing the overall rally in the PSU space,” said Avinash Gorakshakar, the head of research at ProfitMart Securities. “But if execution is not proper, the shares will see a speed-breaker. Markets are buying into the narrative right now, the numbers are yet to follow,” he said. BHEL shares have surged more than 40% in November alone with steady volumes and closed at ₹183.45 on Thursday.