India's Andhra Paper hits over 6-month high on Q4 profit jump

Andhra Paper

09/05/2023 05:30

** Shares of Andhra Paper Ltd  ANDA.NS  rise as much as 4.8%
to 496 rupees, their highest since Nov. 3
    ** Shares post sharpest intraday pct gain since April 13
    ** Paper and packaging co's March-qtr net profit after tax 
more-than-doubles to 1.54 bln rupees ($18.83 mln) compared with
574.5 mln rupees a year earlier
    ** Rev from ops rises 38.6% to 5.90 bln rupees; board
recommends final dividend of 12.50 rupees per share
    ** Stock continues to trade above 50-, 100-, and 200-day
moving averages since April 12
    ** MACD line above signal line since May 5, suggesting
bullish momentum
    ** More than 451,570 shares change hands by 9:42 a.m. IST,
3.7x the 30-day avg
    ** Stock up 12.6% so far this year, up to last close


($1 = 81.7800 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))