Brokers mixed over India's Astral demerger; shares extend loss
BUZZ-Brokers mixed over India's Astral demerger; shares extend loss ** Shares of Astral Ltd ASTL.NS down 8.5% at 1,360.70 rupees, lowest level since January 22, 2025
** ASTL on track for steepest fall since January 2022
** On June 25, board approved demerger of chemical business, transferring related assets to another co, Astral Chemie Ltd
** ASTL's core plumbing business to merge with Al-Aziz Plastics
** Shares fell 3.24% on Thursday
** RSI at 28.8 indicates stock "oversold" after over 10 months
** CLSA says deal will have limited near-term impact on stock
** Investec notes well-intentioned demerger appears somewhat "premature", values chemical business at 20% discount to Pidilite Industries Ltd PIDI.NS, peers
** Deal sharpens operational focus, enhances strategic flexibility - Antique Stock Broking Ltd/p>
** YTD, stock down 1.89%
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
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