India's Astral drops on valuation concerns after results

Finolex Industries

31/01/2024 07:21

** Shares of Astral  ASTL.NS  drop 3% to 1819.05 rupees as
analysts flag valuation concerns
    ** Pipes maker posts sequential decline in Q3 operating
profit due to moderation in pipe volume growth, says Kotak
Institutional Equities
    ** Reiterates "sell", citing rich valuation that "leaves no
room for disappointment"
    ** Antique Stock Broking Systematix Institutional Equities
also flags rich valuations despite expecting sustained earnings
growth
    ** ASTL's trailing 12-months PE is 91.65, much higher than
peers Finolex  FINX.NS  and Prince Pipes  PRCE.NS  - LSEG data
    ** The mean recommendation of 21 analysts tracking ASTL is
equivalent of "hold"

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))