Sell BHEL, BGR Energy, Thermax: Venkatesh

Venkatesh B, Equity Analyst at Citi India told CNBC-TV18, "We have a sell on Bharat Heavy Electricals (BHEL), BGR Energy Systems, Thermax as the prime reason being that we are not too positive about the BTG (Boiler, Turbine, Generator) market. What used to be like a 20-22 gigawatt kind of market three-four years back has become almost like a 6-7 gigawatt kind of market. There is severe over capacity which means that sales are going to decelerate."

"We have already seen Thermax sales decline this year, BHEL sales have flat last year. We are expecting BHEL sales to decline this year, margins will compress so we are not very positive about this sector."