BHEL slips 10% as earnings lag expectations

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, August 5, 2013, 9:56 [IST]

Shares in power equipment major, Bharat Heavy Electricals slipped 10% on the back of a poor set of results.

The stock was last trading at Rs 133.60, down 10.7 per cent over Friday's closing.

Power equipment major, Bharat Heavy Electricals Ltd (BHEL), reported a slump in net profits to Rs 465 crores, as against Rs 3238 crores in the previous quarter.

Sales revenue was lower plagued by large scale problems in the power sector. Net sales came in at Rs 6352 crores for the quarter ending June 30, 2013, as against Rs 18,850 crores, reported for the quarter ending March 31, 2013.
A few investment and broking firms have downgraded the stock following a poor set of results.

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