India's Action construction near 2 month high on Q3 profit jump

Action Construction Equipment

07/02/2023 04:07

** Shares of Action Construction Equipment  ACEL.NS  rise as
much as 3.4% to 349.3 rupees, highest since Dec. 9
    ** Co on Monday reported a near 70% jump in its consolidated
net profit to 464.9 mln rupees ($5.62 million) for the dec-qtr
    ** ACEL saw a 27% rise in consol rev from ops to 5.56 bln
rupees YOY
    ** Co has been trading above 50-day, 100-day and 200-day
sinple moving averages and also above moving average convergence
divergence (MACD) line, indicating bullish sentiment
    ** If profits stand, ACEL on track for second consecutive
session of gains
    ** More than 581,000 shares change hands by 09:40 a.m. IST
vs 1.1x 30-day avg of 524,000 shares
    ** Stock gained ~37% in 2022 and closed up 2.5% higher ahead
of results on Monday
($1 = 82.6640 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))