India's Britannia Industries set for worst month in over 18 yrs after downbeat Q2

Britannia Industries

29/11/2024 09:24

** Shares of Britannia Industries Ltd  BRIT.NS  down 13.8% in
November, set for their biggest monthly drop since June 2006
    ** Stock currently up 0.2% at 4,934.95 rupees
    ** BRIT among top 5 biggest monthly pct losers on blue-chip
Nifty 50 index as well as FMCG stocks  .NIFTYFMCG  that are down
1.2% and 2.5%
** BRIT reported smaller-than-expected Q2 profit in mid-Nov due
to poor demand from inflation-wary urban customers, sending its
shares down by more than 12% in two sessions
** Downbeat results also led stock to its worst week in 24
years; the stock was up by just 0.35% on the day before the
results
** Avg rating on stock has fallen to "hold" from "buy" following
post-results downgrades - LSEG
    ** Stock has 13 "hold" ratings, its most in at least two
years
    ** YTD, BRIT down ~8%, among worst-performing stocks on
Nifty 50 and Nifty FMCG index that are up 11% and ~2%,
respectively

(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))