India's Symphony hits 16-month low as stock turns ex-date for buyback

Symphony

29/03/2023 09:08

** Shares of Symphony Ltd  SYMP.NS  fall as much as 7.8% to
1000.15 rupees, their steepest intraday pct slump since Nov. 29,
2021
    ** SYMP stock turns ex-date for share buyback
    ** Cooling appliances maker had on March 1 approved buyback
of upto 1 mln shares at 2,000 rupees apiece
    ** Stock trading below 50-day simple moving average, remains
above 100-day and 200-day averages
    ** Moving average convergence divergence (MACD) line under
signal line, suggesting bearish momentum
    ** About 204,000 shares traded by 1:32 p.m. IST, 1.4x the
30-day avg of nearly 149,000 shares - Refinitiv data
    ** Five of seven analysts covering SYMP have "buy" or
"strong buy" rating, one recommends "hold" while one rate it
"sell"; median PT is 1,199 rupees 
    ** Stock up ~20% so far this year, as of last close

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))