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Angel Broking neutral on BHEL

Posted on: February 20th, 2009 and is filed under Brokerage Recommendations.

Angel Broking has maintained its neutral rating on Bharat Heavy Electricals in its February 20, 2009 research report.

“Bharat Heavy Electricals (BHEL) has inked a pact to float a joint venture (JV) with General Electric (GE) to manufacture diesel locomotives for Indian Railways. The facility would be set up in Marhoura, Bihar, with an initial capacity to manufacture 120 locomotives a year. BHEL and Railways would hold 23% and 26% stakes respectively, while GE would have majority shareholding of 51% in the venture. We remain Neutral on the stock,” says Reliance Money’s research report.

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