India's Crompton Greaves Consumer Electricals up after qtrly results

Bajaj Electricals

24/05/2021 06:52

** Shares of household appliance maker  CROP.NS  rise 4.66%
to 406.55 rupees, their highest in nearly four weeks
    ** Stock on track for its best day since April 28 and sixth
straight session of gain
    ** Consolidated qtrly profit more than doubled to 2.49 bln
rupees ($34.16 mln), co said on Friday  urn:newsml:reuters.com:*:nFWN2N80B3
    ** Stock had seen a solid run-up leading to qtrly results,
added 6.72% last week
    ** Rev from ops jumped 48.3%, co recommended a final
dividend of 2.50 rupees per share 
    ** Jefferies rates the stock "buy", with price target of 490
rupees
    ** Says key risks are extended demand slowdown, raw material
volatility, and pricing pressures 
    ** Shares of industry peers Bajaj Electrical  BJEL.NS  and
Havells India  HVEL.NS  down 1.23% and 1.09%, respectively
    ** Crompton shares up 2.08% YTD, as of last close   

($1 = 72.8875 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))