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Shares of BHEL Rally 4.3% after CLSA Predicts Growth

Shares of BHEL Rally 4.3% after CLSA Predicts Growth

Shares of power equipment maker Bharat Heavy Electricals (BHEL) rallied 4.3% on Tuesday after CLSA, a brokerage firm, said the state-run company may report 40% growth in order inflows for the year ending March 2016 (FY16), while assigning an ‘outperform’ rating on the stock.

The brokerage said power equipment orders are at five-year highs, and BHELBSE 0.26 % has swept order bids with 76% market share in boilers, and 89% in turbine tenders.

The brokerage said BHEL has maintained its leadership position in power generation equipment market in fiscal year 2016, through winning 95% of orders for boilers and 81% for turbines, respectively. According to the brokerage, bid pricing for power equipment orders was mixed — BHEL’s pricing was stable for Telangana orders against last year, while Doosan bid was aggressive for 4GW boilers.

BHEL shares ended at Rs 116.75, up Rs 4.80, or 4.29%, on Tuesday.

The company had posted a loss of Rs 1,102 crore in October-December (Q3) quarter, against profit of Rs 212 crore a year ago. Revenues declined 14% to Rs 5,325 crore during the quarter, according to a filing with the BSE.

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