Whirlpool India hits over 3-mth low on parent's move to sell stake in co

Whirlpool of India

01/12/2023 04:22

** Shares of Whirlpool of India  WHIR.NS  fall as much as
3.5% to 1,516.05 rupees, lowest since Aug. 14
    ** Parent Whirlpool  WHR.N  on Thursday said it will sell up
to 24% stake in India business
    ** At current market cap, stake sale would fetch 48 bln
rupees ($576.14 mln), Centrum Brokerage says
    ** While strong balance sheet, lean working capital cycle,
robust cash flows are key strengths of WHIR, high competitive
intensity will restrict extent of its margin  revival -
brokerage, keeps "add"
    ** Five out of 13 analysts tracking stock rate it at "buy"
or above; 5 "sell" or below; 3 "hold"; media PT 1,465 rupees
    ** Including Friday's losses, WHIR up 1% YTD


($1 = 83.3125 Indian rupees)

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))