Coverage of BHEL + GMR + Punj LLoyd + GVK Infra Stocks

February 10, 2010

In continuing our coverage on the Indian Capital Goods Space, we present to you the latest views on the street.

BHEL – BHEL’s order book at the end of 9M FY10 stood at Rs1,340 bn, recording an 18% yoy growth rate. This is significantly below the yoy growth rate of 37% at end-FY09, reflecting increasing competition and unfavorable base effect. Surplus equipment supply in the domestic market is likely by FY2012, leading to pressure on pricing. Read more