India's Chemcon Speciality loses most in 6 months as Q4 profit halves

Chemcon Speciality Chemicals

29/05/2023 08:36

** Shares of chemical manufacturing co Chemcon Speciality
Chemicals Ltd  CHEO.NS  fall as much as 6.96% to 266 rupees,
their sharpest intraday pct loss since Nov 14, 2022
    ** Co on Friday reported a 50.8% YoY slump in Q4 net profit
and an 11.3% YoY fall in rev from ops
    ** "The general downturn in the end-user market have
somewhat dampened the sentiment," said Chairman and MD Kamal
Aggarwal 
    ** Adds the demand for co's "two key products" -
Hexamethyldisilazane and Chloromethyl Isopropyl Carbonate - has
been low over the past few qtrs
    ** Expect demand for these products to revive in H2FY24 -
Aggarwal 
    ** Share price below 100-day, 200-day simple moving
averages, above 50-day SMAs
    ** More than 181,000 shares change hands, 3.3x 30-day avg of
55,762 shares
    ** Including session's losses, stock down 10.17% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))