India's Indigo Paints falls to record low on growth concerns after Q3 results

Indigo Paints

14/02/2023 07:24

** Shares of Indigo Paints  INDG.NS  fall as much as 3.98%
to 1,075 rupees, a record low
    ** Paint maker's stock has fallen over 7% in the last two
sessions since reporting Q3 numbers post market hours on Friday
    ** INDG reported 8% rise in net profit in Q3, but analysts
flagged slide in core profit margin to 14.4% as an area of
concern
    ** Kotak Institutional Equities cuts earnings per share for
FY2023-25 by 12%-15%, citing weakness in demand and pressure on
margin
    ** Brokerage cuts PT to 1,190 rupees from 1,475 rupees,
maintains "reduce" recommendation on INDG
    ** ICICI Securities says prolonged monsoon and early Diwali
dragged INDG's earnings, maintains "hold" rating on the stock
    ** About 85,852 shares change hands as of 12:45 p.m. IST,
2.5x the 30-day avg of 34,484 shares: Refinitiv data
    ** Of the seven analysts tracking stock, two maintain "buy",
three recommend "sell" and two suggest "hold"; median PT is
1,436 rupees: Refinitiv data
    ($1 = 82.7200 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))