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Hitachi raises operating profit view

Shares rise as much as 4.8% on the news

TOKYO -- Hitachi on Wednesday narrowed its projected operating profit decline for the year ending in March, benefiting from rising sales in core businesses and successful cost cutting. Shares in the company rose as much as 4.8% to 679.50 yen on the news on Thursday. 

The industrial conglomerate said in now expects group operating profit to fall 12% to 560 billion yen ($4.92 billion), up from the previous estimate of 540 billion yen. This beat the QUICK consensus, which is the average of analysts' forecast, of 554.3 billion yen. 

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