Bharat Heavy Electricals slumped 7.07% to Rs 1631.70 at 13:31 IST on BSE after global investment firm JPMorgan Chase & Company reduced its share price estimate for the company to Rs 2,200 a share from Rs 2,850 earlier.
The scrip had touched a high of Rs 1781.40 and a low of Rs 1627.10 so far during the day. The stock had hit a 52-week high of Rs 2925 on
At the current price of Rs 1631.70, the scrip trades at a PE multiple of 25.87, based on Q3 December 2007 annualised EPS of Rs 63.07.
Bharat Heavy Electricals (Bhel) net profit rose 15.6% to Rs 771.90 crore on 14.4% rise in sales to Rs 4964.14 crore in Q3 December 2007 over Q3 December 2006.
The downgrade by JPMorgan on Bhel came after Bhel reported a profit below forecast for the year ended March 2008 on
Bhel on Thursday reported provisional turnover of Rs 21,608 crore, a 15.31% growth and provisional net profit of Rs 2,815 crore, a 16.56% growth in the financial year 2007-08 over 2006-07. The 16.56% growth in Bharat Heavy Electricals (Bhel)'s net profit in the year ended March 2008 over the year ended March 2007 as per the provisional results, was muted in the backdrop of a 38% growth in net profit achieved in the nine months ended December 2007 over nine months ended December 2006, raising concerns that the Q4 March 2008 results would be bad.
Bhel is engaged in manufacturing and distributing electrical, electronic, and mechanical and nuclear power equipment.
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