BHEL tanks by more than 9% on reduced margins

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BHEL tanks by more than 9%
Heavy sell off saw the shares of Bharat Heavy Electricals Ltd. (BHEL) slip more than 9 per cent in early trade after the margins of oil & gas major declined 19.37 per cent versus 22.96 per cent YoY due to inflationary pressure and rising competition.

Meanwhile the company has posted a single digit 1.5% y-o-y growth in net profit at Rs 1,433 crore for the quarter ended December 2011, as compared with Rs 1,412 crore in a year ago quarter. Net sales grew 3% at Rs 11,078 crore on y-o-y basis during this period.

On Monday, Shares of the company were trading at Rs 249.85 down by 23.80 points or 8.70%.

In a similar fashion, shares of the company were trading at Rs 249.45, down 8.83% on the National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 16932.31 down by 301.67 points or 1.75%.

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