LG Electronics India shares settle 2% lower as brokerage ICICI Securities sees weak Q3

LG Electronics India shares rise.

LG Electronics India shares on Thursday settled nearly 2 percent lower after brokerage ICICI Securities flagged a weak demand outlook for the December quarter.

The stock settled at Rs 1,521.50 on the NSE, down 1.89 percent. During the session, it touched a fresh low of Rs 1,515.50, falling 2.28 percent.

The shares have declined for the third consecutive session and are down 3.14 percent over the past three days.

In a note, ICICI Securities said the third quarter is expected to be weak due to subdued primary and secondary sales across air conditioners, televisions and appliances. It added that demand has slowed after the festive season and the near-term outlook remains soft, reported Informist.

The brokerage, however, said the company continues to gain market share in the room air conditioner segment and its channel inventory position is better than peers.

ICICI Securities maintained a ‘buy’ rating on the stock with a target price of Rs 1,875, citing confidence in the company’s medium-term prospects driven by sustained market share, premium positioning and backward integration.

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