India's Carborundum Universal falls as Kotak downgrades to "reduce"

Carborundum Universal

10/05/2023 10:30

** Shares of Carborundum Universal Ltd  CRBR.NS  fall as
much as 2.4% to 1,113.25 rupees
    ** Analysts at Kotak Instituional Equities downgrade to
"reduce" from "buy," flagging dragged growth in FY2024
    ** Weak growth in FY24 on depreciation of rouble, softening
of input prices, Chinese vendors increasing presence in domestic
electro minerals division - Kotak
    ** Adds risks from weak demand trends for European
acquisitions and impending growth moderation on high base of
refractories business
    ** Lowers FY2024-25 estimates by 3% to 6% to factor in
depreciating rouble and growth moderation in the ceramics
business
    ** Seven analysts rate stock 'buy' or higher, one 'hold'
while two 'sell;' median PT is 1,226 rupees - Refinitiv data
    ** About 130,700 shares change hands by 2:25 p.m. IST, 0.9x
the 30-day avg
    ** Including session's loss, stock up 27.9% so far this year

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))