India's TeamLease Services falls nearly 4% after Q4 profit drop

Teamlease Services

18/05/2023 07:56

** Shares of staffing firm TeamLease Services  TLSV.NS  fall
as much as 3.7% to 2,229.95 rupees
    ** Stock on track to snap three consecutive sessions of
gains, if trends hold
    ** Co on Wednesday reported 22.4% fall in Q4 consolidated
net profit, much steeper than the roughly 9% drop estimated,
according to Refinitiv IBES
    ** Kotak Institutional Equities says FY2024-25 EPS estimates
trimmed by 3% each on lower margin forecasts; retains "reduce"
while raising TP to 2,300 rupees from 2,275 rupees 
    ** Share price below 100-day and 200-day simple moving
averages but above 50-day SMAs
    ** More than 35,000 shares change hands by 12:15 P.M. IST vs
30-day avg of 44,928 shares
    ** Avg rating of 11 analysts is "hold", with median PT of
2,600 rupees - Refinitiv data
    ** Stock down ~8.2% YTD, as of last close, underperforming
Nifty 500 index  .NIFTY500  which is down 0.1%


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