India's Chemcon Speciality Chemicals falls 19% on profit slump

Chemcon Speciality Chemicals

14/11/2022 06:13

** Shares of chemical manufacturing co Chemcon Speciality
Chemicals Ltd  CHEO.NS  fall as much as 19% to 309.30 rupees,
their lowest since July 11 
    ** Co reported a 46.3% drop in Sept. qtr net profit to 78.2
million Indian rupees ($962,544.47) on Friday, hit by higher
costs
    ** Expenses for the cost of material consumed increased by
70.2% to 463.1 million rupees, while revenue from operations
fell 5.4%
    ** More than 993,000 shares change hands by 0559 GMT vs
30-day avg of 298,656 shares
    ** Median PT is 482 rupees - Refinitiv data
    ** Stock up 4% YTD up to last close vs S&P BSE SmallCap
Index's  .SPBSSIP  1.6% decline
($1 = 81.2430 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))