BHEL slips after Crisil downgrades debt outlook
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Shares of state-run power equipment maker, BHEL are trading lower by nearly 2% at Rs 197.75 on the BSE after the rating agency Crisil downgraded its outlook on BHEL’s long-term bank facilities to 'negative' from 'stable', citing that the company's project execution and profitability will remain vulnerable to structural issues causing distress to the power sector.
The company's working capital cycle will remain stretched, Crisil said in a statement. It, however, its reaffirmed "AAA' rating for the long term facility and "A1+' for short term loans.
Meanwhile, BHEL has decided to foray into the defence manufacturing sector, as part of the 'Make in India' campaign and is searching for hi-tech original equipment manufacturers (OEMs) for partnership.
The stock opened at Rs 201.30 and touched a low of Rs 197.45 on the BSE. A total of 270,685 shares changed hands on the BSE so far.
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