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Last Updated : Mar 15, 2019 01:23 PM IST | Source: Moneycontrol.com

BHEL falls 2% on Nomura downgrade, target price cut

"Gross margin is expected to be weak; recently secured orders’ restrictive cash flows could impact working capital," Nomura said.

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Bharat Heavy Electricals shares declined nearly 2 percent intraday on March 15 after global brokerage house Nomura downgraded the stock to reduce from neutral, citing weak thermal power outlook until FY22.

The research house also slashed price target by 27 percent to Rs 63 from Rs 86 apiece.

The stock was quoting at Rs 66.95, down Rs 0.40, or 0.59 percent on the BSE, at 12:38 hours IST.

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The brokerage house said longer-term baseload thermal power demand recovery is unlikely to be strong.

"Gross margin is expected to be weak; recently secured orders’ restrictive cash flows could impact working capital," it added.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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First Published on Mar 15, 2019 01:23 pm
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