India's Birla Corp falls as lockdown slams profit, revenue

Birla

10/08/2020 08:28

** Shares of cement maker  BRLC.NS  fall as much as 8% to a
one-week low of 600.65 rupees, sharpest intraday drop since
March 23
    ** BRLC on Friday posts a 53% drop in net profit for the
June quarter and a 35% slide in revenue, hit by coronavirus
lockdowns  urn:newsml:reuters.com:*:nFWN2F90FV 
    ** Volumes impacted by delay in resumption of operations due
to local restrictions at some locations - Motilal Oswal
    ** Co announces plans to expand capacity at its Durgapur
plant for an investment of 725.7 mln rupees ($9.69 mln)
    ** Around 400,000 shares change hands by mid-day, vs 30-day
avg. of 242,243 shares
    ** All 11 analysts covering the stock have a "buy" or
"strong buy" rating; median PT is 757.5 rupees - Refinitiv data
    ** Stock up 7% this year up to last close, vs a 2% drop on
the Nifty Infrastructure Index  .NIFTYINFR  and a ~8% slide on
the benchmark NSE Nifty 50  .NSEI 

($1 = 74.9000 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))