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Nomura Bank downgrades BHEL shares

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Nomura Nomura
SummaryThe bank maintained its target price on India's top power equipment maker at Rs 199.

Nomura Bank downgraded Bharat Heavy Electricals Ltd to 'reduce' from 'neutral', saying a revival of new orders was unlikely and lower-than-expected coal supply could lead to order cancellations.

Rising competition and falling utilisation could also impact margins, Nomura added.

The bank maintained its target price on India's top power equipment maker at Rs 199.

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