Rating agency Crisil has downgraded its outlook on Bharat Heavy Electricals Ltd's (BHEL) long-term bank facilities to 'negative' from 'stable', saying that the company's project execution and profitability will remain vulnerable to structural issues plaguing 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.

Nifty closed 2nd consecutive week in positive territory, its slow & steady extending on up side as anticipated last week. It has broken out of running triangle kind of consolidation pattern in wave-B on up side; one can expect market to extend towards higher levels targets in short term. It made a high of 8055 levels. All the indices such as Bankex, midcap & Small cap etc also closed 2nd consecutive week in positive territory.

Short term out look for the market remains positive till nifty trades above 7800 levels & expecting targets in the range of 8120-8225 levels in short term. CNX BAKEX is out performing in short term. It’s also extending as anticipated in short term.

Nifty closed weekly in positive territory after sharp decline of consecutive last four weeks. It failed to extend in wave-V of C as anticipated. It has completed 5 wave decline structure & achieved W=Y Equality Targets near recent lows. It has made a low of 7539.40 levels during week.

All the other Indices such as Midcap, Small cap & Bankex etc closed weekly in positive territory. CNX BANKEX has also achieved equality targets in this correction as anticipated. It made a low of 15,793 levels & started to sharply rise from these levels. One can expect this rally to continue further for the targets of 17185 levels till this low holds in short term.

Markets slipped to day's lows in noon trades on Wednesday, amid profit taking in bank shares after weak economic data raised concerns over credit growth.

At 1:40PM, the 30-share Sensex was down 123 points at 25,574 and the 50-share Nifty was down 38 points at 7,745.

State-owned Bharat Heavy Electricals reported a 82.5 per cent plunge in standalone net profit to Rs 34 crore for the April-June quarter of 2015-16. It attributed the decrease in profit to lower sales.The net sales declined 15.5 per cent to Rs 4,281 crore in the June quarter from Rs 5,068 crore during the same period last year.

Power equipment manufacturers have complained to the government of anomalies in awarding engineering, procurement and construction (EPC) contracts as a demand shortfall continues to hobble the sector.

Represented by the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci), which have written to the power ministry, private equipment makers like Alstom, Bharat Forge, Larsen & Toubro and Toshiba have complained that state utilities are nominating central public-sector undertaking Bharat Heavy Electricals Ltd (BHEL) for projects.

MUMBAI | HYDERABAD: The K C Rao - led Telangana government has awarded the turnkey contract of three power projects - adding up to 6,000 MW capacity and to be built at a cost of Rs 27,360 crore ($4.3 billion) - in the state to government-owned power equipment manufacturer Bharat Heavy Electricals (Bhel) on nomination basis, without floating a mandatory competitive bid.

State-run BHEL today said that it has commissioned the second 500 MW unit at Tuticorin Thermal Power Station (TPS) in Tamil Nadu.

"Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the second 500 MW unit at Tuticorin Thermal Power Station (TPS)," the company said in a press release today.

State-owned power equipment maker Bhel today said it has commissioned Sudan's largest power plant.

Bhel has executed this project on Engineering, Procurement and Construction (EPC) basis. It has designed, manufactured, supplied and installed the complete power project (4 units of 125 MW each) including associated civil works.

Shares of Bharat Heavy Electrical Limited (BHEL) were trading higher by 2% at Rs 260, extending their previous day’s 4% gain on the Bombay Stock Exchange (BSE). Currently, the stock is trading at its highest level since March 2015.

On Tuesday, June 23, the state-run equipment maker BHEL said that it has commissioned a 250-MW unit of NTPC's Bongaigaon thermal power plant in the Kokrajhar district in Assam.

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