Shares of Bharat Forge slipped 5 percent intraday reeling under Greece uncertainty exiting the Euro Union. The auto company derives 25 percent of revenues from export to Europe and hence will be impacted by a weaker euro. Bank of America Merill Lynch has an underperform rating in the stock stating slower earnings growth and earnings downgrade are likely to hurt stock price. It expects 15 percent net profit growth in H1FY16, lower than 21.5 percent growth seen in FY16. Another concern that is negative for the stock is decline in orders.
Preliminary order for heavy truck in North America declined 26 percent in June 2015. This is the fourth consecutive month of decline and is being driven by a combination of lack of build slot availability as well as slowing transportation sector data.
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