Sell BEML, says Phani Sekhar of Angel Broking.
Sell BEML , says Phani Sekhar of Angel Broking.
Sekhar told CNBC-TV18, "Bharat Earth Movers (BEML) is a complete sell because it has basically three revenue streams mining, defense and railways. We all know the problems associated with mining. Over the last three months you have actually seen that the budget for defense has been cut and anyway BEML is going through its own share of controversy in defense through the Tatra truck scam.”
He further added, “The only segment that is left is railways on which investors are building hope but again it is in a segment of metro coach manufacturing in which margins are traditionally very low.”
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Market in fine fettle; 2014-end Sensex target at 26300:Citi