India's Atul tumbles on bleak growth outlook after weak Q3 earnings

Atul

23/01/2023 06:48

** Shares of diversified chemicals company Atul Ltd
 ATLP.NS  tumble nearly 5% to 7,066 rupees, their lowest since
April 1, 2021
    ** The slide comes after the co reported a slide in Q3
earnings during market hours on Friday
    ** Stock shed 4.13% on Friday post the results
    ** Co's third-quarter earnings necessitates sharp cut to
estimates on weakening exports and bleak growth outlook,
according to Kotak Institutional Equities, which maintains a
"sell" rating
    ** Anand Rathi lowers the stock's rating to "hold" from
"buy" after the earnings, citing persistent challenges to growth
and contraction in margins
    ** Co's earnings in performance and other chemicals segment
continue to disappoint, while high input costs and low export
demand have adversely impacted profitability, says Motilal Oswal
Financial
    ** Trading volume is 67,315 shares, 1.8x the 30-day avg of
38,059 shares
    ** Of the nine analysts tracking the company, five maintain
"buy", two suggest "sell" and two recommend "hold"; median TP is
9,290.50 rupees 
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))