India's KPIT Tech slides after JPM cuts TP, flags softer H2 revenue growth

KPIT Technologies

24/10/2024 09:31

** Shares of KPIT Technologies  KPIE.NS  slumps 11% to 1,456
rupees, erasing YTD gains
    ** Stock set to log losses for fifth straight session, down
4.6% YTD
    ** J.P. Morgan expects softer revenue growth in second half
for co in FY25; cuts TP to 1,900 rupees from 2,000 rupees, keeps
"overweight" rating 
    ** "Pain" to stay in short term, says JPM, as co sees delays
in deal ramp-ups and closures in the second half of the current
fiscal year
    ** New TP represents a 16% upside to stock's last close
    ** KPIE on Wednesday retained 18-22% FY25 rev growth
outlook, but forecasts growth to be at lower end after Q2
results 
    ** Trading vols 8 mln shares, 10x 30-day average
    ** KPIE top pct loser in Nifty 500 index  .NIFTY500 , which
is down 0.2% on the day 

 (Reporting by Vijay Malkar and Hritam Mukherjee in Bengaluru)
 ((VijayDattaram.Malkar@thomsonreuters.com;))