January 14, 2019 / 4:32 AM / 8 months ago

BUZZ-India's Avenue Supermarts sinks on Q3 margin dip

** Shares of Avenue Supermarts Ltd, which owns supermarket chain D-Mart, plunge as much as 9.5 pct to 1422.15 rupees, their lowest since Nov 28

** Co's Q3 profit rise 2 pct to 2.57 bln rupees ($36.42 mln), it said here on Saturday

** But expenses surged over 36 pct to 50.65 bln rupees

** Citi cuts PT to 1,190 rupees from 1,255 rupees following the subdued trend with continuing disappointment

** “Maintain Sell at current valuations; incrementally more challenging store economics and long-term eCommerce impact are key issues,” - Citi

** Jefferies says gross margin dip of 170 bps led by co’s price cuts, but still raise PT to 1,420 rupees from 1,375 rupees citing management’s strong execution, focus on market share gains

** Six of 17 brokerages rate the stock “buy” or higher, one “hold” and ten “sell” or lower; their median PT is 1,280 rupees

** Nearly 1.2 mln shares change hands as of 0422 GMT, the highest since Dec 21 ($1 = 70.5575 Indian rupees)

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