BHEL tanks as PSU posts over Rs 46 crore consolidated net loss in September quarter; Jefferies sees 50% downside

BHEL Share Price: Bharat Heavy Electricals Ltd (NSE: BHEL) tanked more than 7 per cent on Monday, November 14, in morning deals as investors sentiment turned sour after the state-owned engineering firm posted a consolidated net loss of Rs 46.58 crore in the July-September quarter. Global brokerage firm Jefferies has tagged an Underperform rating on counter, foreseeing around 50 per cent downside from the current levels. 

The stock opened at 69.30, crashing more than 7 per cent from its previous close of 74.50. At 10 AM, the counter quoted 69.60 apiece on NSE. 

The New-Delhi-based company posted a Rs 12.10 crore consolidated net profit in the September 2022 quarter on higher revenues on Friday. Its total income rose to Rs 5,418.74 crore in the quarter from Rs 5,197.25 crore a year ago.

Post declaration of the second quarter earnings, Jefferies has given an Underperform rating. The brokerage firm, however, has raised the target to Rs 40 from Rs 35.

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BHEL stock has yielded a positive return of around 15 so far in 2022. In perspective, Rs 60.70 apiece on January 3 is now available at around Rs 71.60 apiece. The stock's 52-week range is Rs 77.45 - Rs 41.40. 

Meanwhile, frontline indices BSE Sensex and NSE Nifty50, traded at 61,828.41 and 18,379.90, respectively, at 10:10 AM.

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