October 19, 2018 / 6:09 AM / a month ago

BUZZ-India's MindTree sees biggest drop in over 7 years as brokerages cut PT

** Shares of MindTree Ltd plunge as much as 18.1 pct at 801.1 rupees on a cautious macro outlook particularly in the UK market

** The IT firm’s stock marks biggest intraday pct loss since Sept 2011

** Sept-qtr profit surged about 65 pct to 2.06 bln rupees ($13.61 mln), co said on Wednesday

** Macquarie Research cuts stock’s price target to 920 rupees from 940 rupees; maintains “underperform” rating

** Goldman Sachs cuts PT to 1,394 rupees from 1,455 rupees; maintains “buy” rating

** Modestly cut FY2019-FY2021 earnings per share estimates to account for weaker-than-expected topline growth in Q2 and cautious growth outlook shared by management in the near term in the UK market because of Brexit - Goldman Sachs

** Qtr revenues missed estimate and surprised negatively; management cautioned on macro volatility leading to delays in closure of some deals - Morgan Stanley

** About 5 mln shares change hands, 3.4 times their 30-day moving avg of 1.4 mln shares

** Up to last close, stock up 60 pct this year ($1 = 73.4700 Indian rupees) (Reuters Messaging: mekhla.raina.thomsonreuters.com@reuters.net)

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