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Motherson Sumi shares extend declines after weak quarterly results

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Shares of Motherson Sumi extended their losses, falling about 4 percent to an intra-day low of Rs 148 on Thursday, after brokerages cut their earnings estimates and target prices following weak earnings.

Motherson Sumi shares extend declines after weak quarterly results
Shares of Motherson Sumi extended their losses, falling about 4 percent to an intra-day low of Rs 148 on Thursday, after brokerages cut their earnings estimates and target prices following weak earnings.
The stock slumped 7 percent on Wednesday as Motherson Sumi's July-September quarter results disappointed investors.
The auto ancillary products maker's revenue rose 12.5 percent at Rs 15,104 crore on year, but the consolidated margins came under pressure, down 50 basis points YoY at 8.6 percent.
Brokerage firm Citi maintained "sell" call on the stock, cutting its target price on the stock to Rs 135 from Rs 173 per share on weak earnings trajectory.
Nomura has retained "buy" call but revised target price to Rs 197 from Rs 249 per share. Motherson Sumi shares were the biggest drag on the Nifty Auto index wherein 11 stocks advanced against 5 declining.
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