June 1, 2018 / 8:42 AM / 23 days ago

BUZZ-India's CG Power extends losses, hits over 2-yr low

** Shares of CG Power And Industrial Solutions Ltd , which supplies industrial machinery such as motors and generators, fall nearly 13 pct to 53.6 rupees - lowest since April 2016

** More than 37.5 mln shares traded, versus their 30-day moving avg of 2.3 mln

** Stock is on track to post losses for a fourth straight session; lost nearly 20 pct in previous session after company posted results after trading hours on Wednesday

** March-quarter consolidated loss widened to 5.82 bln rupees ($14.9 mln), hurt by exceptional loss of 4.15 bln rupees

** Citi says Q4 was below expectations; retains ‘sell’ on stock with TP of 76 rupees

** “Though certain international operations are profitable, the albatross around the neck are the loss making ones, which negate the positives of the domestic operations as carrying costs keep mounting” - Citi

** Citi says the Hungarian business divestment, which has been a drag on profitability, has been delayed

** Stock has fallen nearly 34 pct this year up to Thursday’s close ($1 = 67.0900 Indian rupees)

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