Nomura Bank downgrades BHEL shares
Agencies: Mumbai, Oct 11 2012, 11:29 IST
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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