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Profit for the quarter declined to Rs 27.8 crore from Rs 811.1 crore in June quarter 2017.
The global brokerage firm, JP Morgan downgraded the stock to neutral from overweight post Q1 results and has also slashed its target price to Rs 900 from Rs 1,150 earlier.
Q1 earnings impacted on all fronts. The global investment bank expects the industry to either take up pricing or cut back on capacity addition.
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