November 6, 2018 / 9:06 AM / in 3 months

BUZZ-India's Balkrishna Ind hits near 1-yr low on profit miss, guidance cut

** Off-highway tire maker Balkrishna Industries Ltd’s shares fall as much as 12.06 pct to 940 rupees, their lowest since Nov 10, 2017

** Stock marks its sharpest intraday drop since Nov 9, 2016

** Co on Monday said Sept-qtr profit rose to 2.22 bln rupees ($30.40 mln) from 2.03 bln rupees last year, but missed estimates

** Total expenses jumped more than 21 pct to 10.78 bln rupees

** Co also cut its FY19 volume guidance to a range of 210,000-220,000 metric tonnes (MT) from an earlier guidance of 225,000-230,000 MT

** Co’s Q2 “results were below our expectations on all the parameters”, ICICI Securities said in note

** More than 4.3 mln shares changed hands, 6 times their 30-day moving avg of 726,259

** Stock down more than 10 pct this year as of last close ($1 = 73.0350 Indian rupees)

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