BGR Energy falls to one-year low on weak order backlog
Reuters Market Eye - BGR Energy Systems Ltd(BGRE.NS) shares decline as much as 2.9 percent to a one-year low after margins miss estimates and as high interest costs resulted in a 24.3 percent fall in December quarter net profit.
The energy equipment maker on Friday reported a sequential decline in backlog to 136 billion rupees versus 140 billion rupees as of end-Sep 2012, implying lack of any major order wins in the third quarter.
"We expect margins to remain under pressure as more competitively bid EPC and BTG orders start contributing to revenue over the next few quarters," Goldman Sachs said in a note.
At 10.21 am shares are down 2.2 percent at 229.90 rupees.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- India approves $2.6 bln mounted gun purchase - official
- Computer spying malware uncovered with 'stealth' features - Symantec
- 'Hunger Games' tops U.S. box office with $123 million opening
- Celebrity song to aid fight against Africa Ebola crisis tops UK charts
- Obama to Republican critics on immigration: 'Pass a bill'
India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article