India's Berger Paints hits 2-1/2-year low on Q3 profit drop

Berger Paints India

03/02/2023 04:14

** Shares of Indian paint maker Berger Paints India Ltd
 BRGR.NS  fall as much as 2.5% to 527.13 rupees, their lowest
level since Aug. 7, 2020
    ** Co reported a 21% fall in Q3 profit to 2.01 bln rupees
($24.48 million) while analysts expected profit of 2.97 bln
rupees
    ** Co says extended monsoons led to increase in unsold
inventory
    ** Brokerage ICICI Securities says it sees industry profit
pool shrinkage on competitive pressures; rates stock "reduce"
with PT of 505 rupees
    ** Seven of 23 analysts rate stock "buy" or higher, 5
"hold", 11 "sell" or lower; median PT is 620 rupees
    ** Over 454,000 shares traded as of 9:35 am IST, 0.8X the
30-day moving average
    ** Stock ended 10-year streak of gains in 2022, falling
24.7% last year
($1 = 82.0950 Indian rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))