BHEL hit; gets 2nd ‘sell’ rating in a week

Kotak becomes the second brokerage to assign the unusual sell on BHEL.

Published: April 10, 2012 5:51 pm

Bharat Heavy Electricals (BHEL) fell 2 percent to 256.75 rupees after brokerage Kotak re-initiated coverage on the company with a Sell rating,saying earnings would be hit due to a potential lull in order wins and rising competition.

Kotak becomes the second brokerage to assign the unusual sell on BHEL in the space of a week,following Citigroup Global Markets’ same rating on the stock last Wednesday.

The domestic brokerage set a target price of 230 rupees,below Citi’s 250 rupees objective.

Expectations for weak February industrial output data due on Thursday has also fanned worries.

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