Accumulate BHEL around Rs 1700: Religare Capital

Accumulate BHEL around Rs 1700, says Suhas Harinarayanan, Co-Head of Research, Religare Capital Markets.

Harinarayanan told CNBC-TV18, "If you look at the BHEL - the biggest drivers for the stock in the past many years have been the order inflows and the order backlog. The order inflows for the last three years prior to the quarter one numbers have actually grown only at a Compound Annual Growth Rate (CAGR) of about 3-5%. But the order backlog had still grown on a Q-o-Q basis. This year for the first time I guess probably even for the past one decade the order backlog has actually declined on a Q-o-Q basis and the order inflows are down. We understand that quarter one is not material quarter for BHEL but clearly looking ahead we don