India's Indigo Paints drops after Q1 profit falls

Indigo Paints

07/08/2024 05:38

** Shares of Indigo Paints Ltd  INDG.NS  fall as much as
4.3% to 1,410 rupees 
    ** Paint maker reported 15.4% fall in its Q1 net profit to
264.6 mln rupees
    ** Co adds, profitability impacted by industry wide price
cut & higher employee cost
    ** Rev from ops rose 6.1% y/y and expenses rose 10.1% y/y
    ** Stock on track to lose for a second time this week, after
rising last session
    ** More than 70,000 shares traded as of 10:02 a.m. IST, vs
their 30-day moving avg of 144,072 shares
    ** Mean rating of 6 analysts on the stock is "HOLD"; their
median PT is 1,565 rupees - LSEG data
    ** INDG last down 1.6%, adding to YTD losses of ~2.6% so far

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))