May 2, 2019 / 4:44 AM / 4 months ago

BUZZ-India's TVS Motor sees worst day in over 7 mths on Q4 performance

** Shares of Indian auto manufacturer TVS Motor Co Ltd fall as much as 8.2 pct to 452 rupees, their biggest pct loss since September 28, 2018

** Co posts 19.3 pct fall in March-qtr consolidated profit on Tuesday, missing estimates of 1.53 bln rupees

** TVS Motor’s Q4 operating results are slightly below forecasts and significantly below consensus, Deutsche Bank says in a note

** Deutsche Bank maintains ‘hold’ rating with a target price of 470 rupees

** Citi cuts target price to 455 rupees from 480 rupees; maintains “sell”

** Jefferies cuts FY20-21 EBITDA by 6 pct and EPS by 9 pct to reflect weaker industry growth, weaker EBITDA margin and higher finance costs

** Jefferies cuts TP to 540 rupees from 580 rupees; maintains “hold”

** Around 3.1 million shares change hands compared with the 30-day average of about 1.2 mln shares

** Up to Tuesday’s close, stock had fallen 13.8 pct this year

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