Shares of BHEL were down 2% at Rs 192 on worries over slow execution, pressure on margins and lack of fresh orders.
That apart, falling order book, high proportion (20-25 per cent) of slow moving orders, increase in working capital, especially receivables, are other key concerns, which continue to reflect in the financials of the company.
In the light of these issues, analysts continue to ascribe lower valuations to the stock. Analysts are expecting BHEL's earnings per share (EPS) to fall from Rs 27.35 in FY13 to about Rs 19.5 in FY15. In this scenario, they believe there is little scope of re-rating of valuations.
Nearly 900,000 shares were traded on both the stock exchanges so far.
