BHEL slumps; analysts pan quarterly results Bharat Heavy Electricals (BHEL.NS) falls 4.5 percent a day after posting a worse-than-expected 64 percent fall in quarterly earnings. The stock had fallen 1.3 percent and 1.6 in the previous two sessions after rising for five straight sessions before that. Citigroup called BHELs results extremely weak in a report titled Downtrend continues - No revival in sight dated Wednesday. Citigroup adds order inflows are especially a concern, as it cuts its target price on the stock to 116 rupees from 140 rupees. More than a particular stock price level, investors should be looking for signs of business revival to get constructive. Without the same, the stock could very well decline more and remain at those levels for long periods of time, Citigroup says. Other analysts, including Ambit and Edelweiss, also note BHEL could continue to suffer from weaker orders and capacity under-utilisation, maintaining their sell rating on the stock.
Posted on: Thu, 07 Nov 2013 06:45:57 +0000
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