April 9, 2013 / 7:23 AM / in 5 years

MARKET EYE-Nomura keeps BHEL at 'reduce'; cautions on earnings

* Nomura maintained its rating on Bharat Heavy Electricals Ltd
(BHEL) at "reduce" and also retained its target price
at 174 rupees, warning the company is at the start of a "bad"
earnings cycle as orders won during a time of rising competition
and lower utilisation would further hurt margins.
* Nomura's report comes after BHEL on Monday reported an 8
percent fall in provisional net profit for the fiscal year ended
March 31. 
* BHEL shares rose 2.6 percent on Monday after the company said
it expected orders in fiscal 2014 to rise from a year earlier.
 

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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