Sell BHEL: Religare Capital

Sell Bharat Heavy Electricals Limited (BHEL), says Tirthankar Patnaik, EVP - Institutional Sales, Religare Capital  Markets.

Patnaik told CNBC-TV18, "BHEL’s FY13 order book is hardly Rs 25,000 crore odd, compare that to FY12 number of  Rs 55,000 crore odd you do not expect order inflows to pick up until FY15 at least, that is when the 12th Five Year Plan  ordering will start. So to that extent we expect the stock to languish around these levels."
He further added, "We have a target price of Rs 200 for the stock and we maintain sell call. You are not expecting the  investment cycle to pick up anytime soon and therefore BHEL is likely to remain under pressure for that particular  reason."