India's Persistent Systems falls on quarterly profit slump
BUZZ-India's Persistent Systems falls on quarterly profit slump ** Shares of Persistent Systems PERS.NS down 3.4% to 5,642 rupees
** Stock set for third straight session of losses
** Co's Sept-qtr consol profit falls over 25% to 3.52 billion rupees ($37.06 million); consol rev from ops up 30% to 46.64 billion rupees
** Investec ("Sell"; raises PT to 4,550 rupees from 4,500 rupees) says profit margin fell below its expectations, due to higher costs from acquired assets
** BofA ("Underperform"; PO: 5,000 rupees) says holding profit margins steady for the rest of the year is "a tough ask", as co has has little room left to cut overheads
** Notes co's Nagarro acquisition is a key risk to watch given its size
** Stock rated as "Hold" on avg by 34 analysts; median PT at 5,600 rupees --LSEG-compiled data
** YTD, stock down ~10%
($1 = 94.9800 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)