BHEL declines on JP Morgan underweight report

State-controlled power equipment manufacturer Bharat Heavy Electricals (BHEL) fell more than one percent intraday on Wednesday as the foreign research firm JP Morgan has put an underweight rating on the stock with a target price of Rs 195.

"Order inflows in the December quarter have been tepid. The decline in fresh orders is likely to result in weak topline growth and a 12 percent decline in profits in the third quarter," JP Morgan explained reason.

BHEL had disappointed the street by reporting lower-than-expected topline and bottomline numbers in the second quarter of financial year 2012. Outstanding order book declined 25 percent year-on-year to Rs 1.22 lakh crore due to structural issues related to coal linkages, environment/forest clearances, land acquisition and gas availability. Industrial orders were also remained weak.

At 11:57 hours IST, the share price declined 0.92 percent to Rs 241.30 on Bombay Stock Exchange. The stock fell nearly 7 percent in one year and nearly a percent in last one month.

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