November 1, 2018 / 6:57 AM / 9 months ago

BUZZ-Castrol India falls on weak Sept-qtr results

** Shares of refined petroleum products supplier Castrol India Ltd fall as much as 3.1 pct to 144.05 rupees

** Co on Wednesday reported 15.6 pct drop in Sept qtr profit to 1.50 bln rupees ($20.32 mln)

** There was adverse impact on operating profit due to steep depreciation of the Indian rupee and higher input costs leading to about 600 mln rupees impact vs last year, co said bit.ly/2RqFebT

** Total expenses in the qtr surged 15.1 pct to 7.13 bln rupees

** Key downside risks for co are higher oil prices, weak economic activity and weaker-than expected growth in automotive volumes, Deutsche Bank said in a note

** More than 491,900 shares traded vs their 30-day avg of 1.4 mln shares

** DB cut PT on stock to 195 rupees from 217 rupees while maintaining a “buy” rating; cuts CY18-19 estimates by 1-5 pct

** Stock down 23 pct this year as of last close ($1 = 73.8325 Indian rupees)

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