India's Astec LifeSciences falls over 10% after reporting Q4 loss

Astec LifeSciences

03/05/2023 05:49

** Shares of Astec LifeSciences Ltd  ASTE.NS  fall as much
as 10.4% to 1,211.55 rupees, their lowest since March 29
    ** Agricultural chemicals maker reports consol net loss in
March qtr at 49.8 mln rupees ($608,824.28) compared with a
profit of 430.5 mln rupees a year earlier
    ** Co says subdued demand and subsequent correction in
prices of key active ingredients led to drop in volumes along
with lower realisations, affecting profitability
    ** Rev from ops fell 53.3% to 1.27 bln rupees
    ** Co's board appointed K. Suryanarayan as CFO
    ** Stock trading below its 50-, 100-, and 200-day moving
averages
    ** Moving Average Convergence Divergence (MACD) line falls
below the signal line, suggesting bearish bias
    ** Shares post their sharpest intraday pct loss since March
28
    ** More than 79,260 shares change hands by 10:05 a.m. IST,
1.3x the 30-day avg
    ** Stock down 22.8% so far this year, up to last close



($1 = 81.7970 Indian rupees)

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