India's Symphony falls after HDFC Securities trims estimates on Q4 slide

Lodha Developers

08/05/2023 08:20

** Shares of Symphony Ltd  SYMP.NS  fall as much as 5.40% to
890.25 rupees, lowest in more than five months
    ** Stock of the air cooler maker down over 10% in two
sessions
    ** The relative strength index of the stock is 23,
suggesting it may be oversold - Refinitiv data    
    ** SYMP reported 75% Y/Y fall in Q4 consolidated net profit 
    ** HDFC Securities Institutional Research downgrades to
"reduce" from "add" after results, citing weakness in core
portfolio, weak traction in export markets like the U.S. and
Australia
    ** Cuts FY24 and FY25 earnings estimates by 15% and 9%,
respectively, citing looming risks of a curtailed summer season
on domestic businesses
    ** Believes risk-reward for SYMP has turned unfavourable and
cuts PT to 960 rupees from 1,200 rupees 
    ** About 131,274 shares change hands as of 12:39 p.m. IST,
nearly twice the 30-day avg - Refinitiv data
    ** Of 7 analysts tracking SYMP, 5 maintain "buy", 1 suggests
"sell" and 1 recommends "hold"; median PT is 1,198 rupees 

($1 = 81.7260 Indian rupees)

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