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BSE share price falls over 2% as Investec downgrades stock to sell

According to the broking house, the company is cyclically at peak earnings & valuations and expect a sequential decline in earnings in FY23.

December 30, 2021 / 11:18 AM IST

BSE share price fell 2.7 percent intraday on December 30 to Rs 1,900.15 after the broking firm Investec has downgraded the stock to sell from hold.

The broking house has kept the target at Rs 1,720 per share.

According to the broking house, the company is cyclically at peak earnings & valuations and expects a sequential decline in earnings in FY23.

The current valuation is untenable as the company is trading at a significant premium to global peers, it added.

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The BSE board will meet on February 8 to consider the unaudited financial results for the quarter and nine months ended December 31, 2021.

It will also consider a proposal for issuing bonus shares in the said meeting.

At 09:59 hrs BSE Limited was quoting at Rs 1,907, down Rs 46.65, or 2.39 percent on the BSE.
Moneycontrol News
first published: Dec 30, 2021 11:18 am
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