May 27, 2019 / 4:45 AM / a year ago

BUZZ-India's Ashok Leyland sees worst day in over 3 months after weak Q4 profit

** Shares of Ashok Leyland Ltd fall as much as 4.5% to 89.55 rupees, in their biggest intraday pct loss since Feb 15

** Automaker on Friday reported 12.1% fall in March-qtr profit to 6.53 bln rupees ($94.04 mln), hurt by an exceptional item of 117.1 mln rupees

** Total expenses rose 2.6%

** Morgan Stanley cuts FY20 EPS forecast by 5% to reflect BS VI margin pressure

** MS trims target price to 134 rupees from 171 rupees; maintains ‘overweight’

** Jefferies downgrades the stock to ‘underperform’, noting rising cyclical risks in FY20/21 and the likelihood of sharp earnings cuts based on the history of medium and heavy commercial vehicle down-cycles

** Jefferies trims price target to 75 rupees from 90 rupees

** About 14.9 mln shares change hands in early trading, compared with the 30-day average of 24.3 mln shares

** Rival Tata Motors posted 47.4% fall in qtrly profit, while Eicher Motors Ltd reported 18% jump in profit ($1 = 69.4360 Indian rupees) (Reporting by Harish Bhaskar in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below