India's Craftsman Automation falls on Q4 profit slide

Craftsman Automation

29/04/2024 08:03

** Shares of Craftsman Automation  CRAF.NS  fall as much as
6.8%, last down 5.9%
    ** Automotive and industrial engineering firm reported 19.7%
y/y fall in Q4 net profit at 623.3 mln rupees ($7.5 mln) due to
deferred tax 
    ** Stock set for biggest one-day decline since May 25, 2022
    ** Shares fell 20.2% in the March quarter, posting sharpest
quarterly fall since listing in March 2021
    ** Stock moved below its 100-day, and 200-day SMAs on Monday
    ** Trading vol is 2.6x the 30-day daily avg
    ** Avg rating of seven analysts covering the stock is "buy",
median PT is 5,082 rupees, ~15% higher than current price - LSEG
data
    ** CRAF down ~18% YTD after rising 54.7% in 2023





($1 = 83.4150 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))