India's Piramal Enterprises falls on 'disappointing' core profit

Piramal Enterprises

09/05/2024 06:26

** Shares of Piramal Enterprises  PIRA.NS  fall 5.5% to 846
rupees apiece
    ** Co posts consolidated profit in March quarter, post
market close on Wednesday, compared to a loss in the year ago
quarter
    ** The profit rise is only due to multiple one-off gains
including reversal of Alternative Investment Funds' (AIF)
provisions and stake sale in Shriram Investment Holdings, says
Jefferies, which has "underperform" rating on the stock
    ** Adds core profit remains disappointing and cuts fiscal
year 2025 and 2026 earnings per share (EPS) estimates
    ** Motilal Oswal sees no scope for meaningful improvement in
the core profit trajectory of PIRA, downgrades stock to
"neutral" from "buy" and cuts target price to 925 rupees from
1100 rupees earlier
    ** PIRA shares down 8.5% in 2024 so far, compared to 8% rise
in mid-cap index  .NIFMDCP100  - LSEG data

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