India's Relaxo Footwears hits 1-1/2-yr low after multiple block deals

Relaxo Footwears

05/01/2023 09:05

** Shares of Relaxo Footwears Ltd  RLXO.NS  fall as much as
2.22% to 872 rupees, lowest since May 3, 2021
    ** Around 392,447 shares change hands in two separate block
deals as of 1:53 p.m. IST 
    ** Stock continues bearish trend, trading below its 50-day,
100-day, and 200-day simple moving averages for more than 3
months 
    ** Co was hit by global inflation and volatile raw material
prices as profit and revenue dipped in the Sept. qtr
    ** ~466,500 shares change hands by 2:10 p.m. IST vs 30-day
avg of ~117,000 shares
    ** Three of the 12 analysts covering the stock have a "buy"
rating, five have "hold," while four rate it at "sell" or lower;
median PT is 915 rupees - Refinitiv data
    ** Stock down 30.7% last year, its first annual decline in
six years
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))