Nagarjuna shares plunge; BoFA cuts target

Aug 16 2011, 11:54 IST
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SummaryShares in Nagarjuna Construction fell after it reported a 44% fall in its April-June net profit.

Shares in Nagarjuna Construction Co (NCC) fell more than 10 percent after the company reported a 44 percent fall in its April-June net profit, dealers said.

Separately, Bank of America Merrill Lynch has cut the construction firm's stock target price to 125 rupees from 145 rupees attributing fall in its net profit to slow capacity expansion, muted sales and higher interest cost in current quarter.

1QFY12 consol order backlog at 162 billion rupees was flat on 33 percent year-on-year fall in order inflows, the Wall street bank added.

At 11.35 a.m. shares were at 57.20 rupees, down 8.8 percent.

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