India's CreditAccess Grameen slips as Nomura downgrades stock, cuts PT

CreditAccess Grameen

11/10/2024 06:21

** Shares of CreditAccess Grameen  CRDE.NS  fall as much as
3.4% to 1,081 rupees, the lowest since May 16, 2023
    ** Co had reported a 19% Y/Y fall in disbursements for Q2;
analysts at Nomura flag multiple headwinds ahead for the
microfinance sector
    ** Nomura downgrades stock to "reduce" from "neutral"; cuts
PT to 950 rupees from 1,100 rupees
    ** Deterioration in asset quality and fall in assets under
management and disbursements causes for concern - Nomura
    ** Seventeen analysts covering the stock on avg have a "buy"
rating; median PT is 1,650 rupees - LSEG data
    ** Stock down 32% so far this year, on track to snap two
straight annual gains


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