Balkrishna Industries hits 52-low after Macquarie initiates with underperform rating

Balkrishna-Industries

Shares of Balkrishna Industries touched their 52-week low of Rs 682.65, falling 6.4 percent intraday on September 4 after Macquarie initiated coverage on the stock with an underperform rating with target at Rs 575 per share.

The company is facing headwinds due to weakness in global agriculture and mining activities, said Macquarie.

The research firm believes that return on equity is set to decline over the next two years.

The decline in earnings and low return ratio are going to drive valuation de-rating and its forecast EPS is set to decline 5 percent over FY19-21.

At 0948 hrs, Balkrishna Industries was quoting at Rs 703.45, down Rs 26.50, or 3.63 percent on the BSE.

News Source: moneycontrol

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