BHEL v/s INFRA BEES

Dear Mahesh ji,
please give your advise on BHEL.
regards
K. Sudheendra Rao
1. BHEL is 2 rupee face value electronic equipment company.
2. Book value of BHEL is 82.34 only so it is not a value buy at 316.60
3. Promoters holding in BHEL is 67.72 % FII holding 12.87 and DII 13.35 % so general investors hold only 6.06 % , this is the main reason that why BHEL traded such a high valuation.
4. BHEL 52 week high 510 and 52 week low 310 so as per my formula I think downside in BHEL remain.
5. At 4 oct 2011 BHEL stock spilt form 10 rupee face value to 2 rupee face value this is another reason for downtrend of 1-2 year why? Read this article for understand this theory of after bonus and spilt downside http://sharegenius.blogspot.com/2009/10/bonus-issue-gives-only-psychological.html
6. So my view is negative for BHEL I think you may consider INFRABEES read detail of infrabees at http://mutualfundgenius.blogspot.com/2010/10/view-on-infrastructure-benchmark.html
7. I have no any stock of BHEL.