Bharat Heavy Electricals shares declined nearly 2 percent intraday on March 15 after global brokerage house Nomura downgraded the stock to reduce from neutral, citing weak thermal power outlook until FY22.
The research house also slashed price target by 27 percent to Rs 63 from Rs 86 apiece. The stock was quoting at Rs 66.95, down Rs 0.40, or 0.59 percent on the BSE, at 12:38 hours IST.
The brokerage house said longer-term baseload thermal power demand recovery is unlikely to be strong. Read More