The stock of off-highway tyre maker Balkrishna ☐ Industries declined 9.81 per cent to 2,756 per share on the BSE during Monday's intraday trade. The stock closed the day at ₹2,846 apiece, down 6.9 per cent.
While the June quarter (Q1FY25) results were in line with estimates, the price correction followed concerns over demand and margins.
The management indicated that the demand environment remains challenging due to macroeconomic factors, such as recessionary fears in the US, geopolitical issues, and rising raw material and freight costs.
Japanese brokerage firm Nomura said the slowdown in demand was driven by weak original equipment volumes, lower farm income levels, and high interest rates affecting replacement demand.
The brokerage said global agricultural prices had started moderating, with global peers echoing similar concerns and expecting a delayed recovery.
Analysts expect the company's volume growth to slow substantially from Q2, partly offset by strong performance in India.
Further, rising commodity and freight rates will likely impact margins as well.
Denne historien er fra August 13, 2024-utgaven av Business Standard.
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Denne historien er fra August 13, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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