May 9, 2019 / 5:29 AM / 2 months ago

BUZZ-India's Shriram Transport near 7-mth low on weak Q4 profit

** Shares of non-bank lender Shriram Transport Finance Co Ltd fall as much as 3.5 pct to 991 rupees, their lowest since Oct. 19 2018

** The company posted 22.4 pct fall in March-quarter profit to 7.46 bln rupees ($106.77 mln)

** Reported NIM fell to 7.22 pct impacted by higher funding costs and higher cash balance maintained during Q4 - Jefferies analysts

** Jefferies trims target price to 1,200 rupees from 1,240 rupees; maintains ‘buy’

** About 1.4 mln shares change hands by 0455 GMT, compared with the 30-day average of around 1.1 mln shares

** Stock down 17.15 pct this year, while peers Mahindra And Mahindra Financial Services fell 20 pct and Bajaj Finance rose 10.4 pct as of last close ($1 = 69.8700 Indian rupees)

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