BHEL has come with its results which were good but the disinvestment proposal by the govt opened the can of worms for the stock. The markets have given a thumbs-down to the stock on divestment proposal and that too despite a healthy March 2011 quarter performance The board of Bhel has given an in principle approval for a stock split of 1:5, which is a positive move.
Market is viewing the divestment of 5% stake as a negative development. Analysts believe that it will put further pressure on the stock and stock has been languishing for past one year. Because of the disinvestment proposal, share has been hammered 7% to Rs 1935. This is a systematic design of butchering a navratna company.
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