Bharat
Heavy Electricals (BHEL), India's top power equipment maker,
continues to trade lower on Monday asthe globalinvestment firms
reduced target price following weak Q3 results on Friday.
Global firm CLSA maintained its 'sell' on the stock and cut the target price to Rs 195 from Rs 210. JP Morgan maintained its 'underweight' stand while reducing the target price to Rs 180. Macquarie also maintained its 'underperform' onthe stockwith a target of Rs 155. Nomura 'retained' on stock and cut the target price to Rs 174 from Rs 225.
The company announced a fall of 17.5% in its third quarter net
profit due to lower sales and margins. It has reported net profit
to Rs 11.82 billion for the quarter ended Dec. 31, 2012 as compared
to Rs 14.33 billion in the same period last year. Net sales
decreased by 4.74% to Rs 100.42 billion for the quarter ended Dec.
31, 2012 as compared to Rs 105.41 billion in the year ago period. 
Shares ofthe companyare trading at Rs
222, down Rs 3.35, or 1.49% at the Bombay Stock Exchange (BSE) on
Monday at 11:55 a.m.The scrip has touched an intra-day high of Rs
227.10 and low of Rs 220.25. The total volume of shares traded at
the BSE is 286,102.In the earlier session, the shares lost 1.03%,
or Rs 2.35, at Rs 225.35. Currently, the stock is trading down
32.39% from its 52-week high of Rs 328.35 and above 13.82% over the
52-week low of Rs 195.05.
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