)
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.
