Citigroup has downgraded Bharat Heavy Electricals Limited (BHEL) to 'hold' from 'buy' and cut its target price to 2,202 rupees from 2,785 rupees because it sees the power equipment maker's order backlog declining from FY13.
"Increasing competition intensity in power generation equipment and imposition of 20 percent duties on imported equipment could lead to de-rating of the stock," Citi said.
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