India's Lumax Industries falls 12% after Q4 profit drop

Lumax Industries

29/05/2023 09:15

** Shares of auto-components maker Lumax Industries Ltd
 LUMA.NS  fall as much as 11.77% to 1,783 rupees, mark sharpest
intraday pct loss since Sept. 13, 2021
    ** Co on Saturday reported 27.2% YoY fall in Q4 consolidated
net profit, while total income rose 10.8% YoY
    ** Total expenses rose 14.7% led by rise in cost of raw
materials
    ** Stock's moving average convergence divergence (MACD) line
below the signal line since May 4, indicating a bearish bias
    ** More than 56,000 shares change hands by 1:35 p.m. IST,
4.7x 30-day avg of 12,037 shares
    ** All two analysts covering the stock have a "buy" or
"strong buy" rating; median PT is 2,401.50 rupees - Refinitiv
data
    ** Including session's loss, stock pares some of its YTD
gains, last up 11.2%


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))