Nomura downgrades BHEL to 'reduce' on order concerns
Rising competition and falling utilisation could also impact margins
Nomura 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.