India's Rossari Biotech falls after ICICI Securities lowers PT

Rossari Biotech

Wed 08:40

** Chemicals maker Rossari Biotech ROSB.NS shares fall 4% to 420 rupees
** ICICI Securities lowers PT to 520 rupees from 605 rupees; maintains "Buy" rating
** The new price target represents a 18.9% upside to the stock's last close
** Brokerage lowers FY27 & FY28 EPS estimates by 3-6%
** Says efforts on rationalisation, price push, and efficiency driving margin improvement 
** Stock trades at forward 12 months PE of 14.45 vs industry median of 25.68 - LSEG-compiled data
** YTD, stock down 27.8% 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.Parmar@thomsonreuters.com;))