 "Nomura keeps BHEL at 'reduce'; cautions on earnings")
Nomura maintained its rating on Bharat Heavy Electricals Ltd (BHEL) at "reduce" and also retained its target price at 174 rupees, warning the company is at the start of a "bad" earnings cycle as orders won during a time of rising competition and lower utilisation would further hurt margins.
Nomura's report comes after BHEL on Monday reported an 8 % fall in provisional net profit for the fiscal year ended March 31.
BHEL shares rose 2.6 % on Monday after the company said it expected orders in fiscal 2014 to rise from a year earlier.
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