India's Britannia eyes worst day in 2-1/2 yrs on Q2 earnings miss

Britannia Industries

12/11/2024 08:17

(Updates share levels, adds analyst comments)
    ** Britannia Industries  BRIT.NS  slides 6% to 5,108.9
rupees, the biggest one-day pct fall since March 8, 2022
    ** Stock top loser on Nifty 50 index  .NSEI , which is down
0.92%
    ** Biscuit maker posts smaller-than-expected Q2 profit, hurt
by weaker demand for consumer goods, particularly in urban areas
    ** Co hurt by steep rise in prices of wheat, palm oil, and
cocoa- J.P. Morgan
    ** Volumes impacted by tepid demand scenario given severe
food inflation - Nomura
    ** Q2 rev up 5% to 46.68 bln rupees ($553 mln), but below
market estimates of 47.39 bln rupees - LSEG data
    ** Stock rated "buy" on avg; median PT is 5,800 rupees
    ** Day's drop negated yearly gain, stock now down 5% YTD

($1 = 84.3930 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))