Whirlpool skids after foreign brokerage downgrade

The stock dropped after the foreign brokerage firm Jefferies downgraded the stock to ‘Hold’ from 'Buy.’

Feb 05, 2019 05:02 IST India Infoline News Service

Whirlpool Of India
Home appliances maker Whirlpool of India's stock slipped 4.5% on the BSE in the morning session. The stock dropped after foreign brokerage firm Jefferies downgraded the stock to ‘Hold’ from 'Buy’ and cut its price target to Rs1,625 from Rs1,690, implying a potential upside of 7% from the current market price.

The company has reported 14% increase in net profit at Rs60.6cr in the third quarter ended December 31, 2018. The company had posted profit after tax of Rs53cr in the same period last fiscal.

Meanwhile, the company said that its board has considered and approved capacity enhancement, modernisation and introduction cum diversification of manufacturing lines at Ranjangaon and Puducherry plants with a capital investment of Rs407cr over a period of next five years.

Whirlpool of India Ltd is currently trading at Rs1,439.65 down by Rs68.8 or 4.56% from its previous closing of Rs1,508.45 on the BSE. The scrip opened at Rs1,378 and has touched a high and low of Rs1,478.90 and Rs1,331 respectively.

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