Kaveri Telecom declared the June quarter results on Aug 14, and in my opinion the results were disappointing. The company registered marginal growth in sales and practically no growth in profits. The company also deducted 18 crores for the increase in stock from the expenses side. This, along with a no growth in the profits has made me sell the shares in the short term. I am expecting some selling to be made in this counter in the coming weeks, after which I will be covering my position.
The long term story of the stock still holds good. Please note, the growth for companies in India during the first quarter of a financial year is usually slow compared to the other quarters.
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