India's Ambika Cotton Mills falls on qtrly profit slump

Ambika Cotton Mills

09/11/2022 07:55

** Shares of cotton yarn manufacturer Ambika Cotton Mills
Ltd  AMBK.NS  fall as much as 3.5% to 1,550 Indian rupees,
biggest pct loss since Oct. 3
    ** Co reports a 38.3% Y/Y fall in Sept.-quarter profit at
280.8 mln rupees ($3.45 mln) due to higher cost of materials 
    ** Revenue from operations was at 2.19 bln rupees from 2.21
bln rupees a year ago
    ** Total expenses rose 15.4% to 1.84 bln rupees from a year
ago    
    ** More than 30,000 shares traded, 2.1X their 30-day moving
avg of 14,329
    ** Stock down 17.05% so far this year, up to last close    
($1 = 81.3580 Indian rupees)
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))