MUMBAI, Oct 11 (Reuters) - Nomura downgraded Bharat HeavyElectricals Ltd to 'reduce' from 'neutral', saying arevival of new orders was "unlikely" and lower-than-expectedcoal supply could lead to order cancellations.
Rising competition and falling utilisation could also impactmargins, Nomura added.
The bank maintained its target price on India's top powerequipment maker at 199 rupees.
(Reporting by Rafael Nam; Editing by Prateek Chatterjee)
Keywords: BHEL RESARCH/NOMURA