Bharat Heavy Electricals Ltd (BHEL) surged 14 percent to Rs 61.30 per share on the BSE on Wednesday on reports of being upgraded by CLSA from 'sell' to 'buy'.

Renjith Sivaram, analyst, ICICI Securities, shared his take on the stock.

Sivaram said that ICICI Securities is maintaining a hold rating on BHEL "given the fundamental issues in terms of receivables and the overall challenging macro scenario in the thermal sector".