India's Electrosteel Castings hits over 15-year high on Q2 profit jump

Electrosteel Castings

09/11/2023 08:58

** Shares of Electrosteel Castings  ELST.NS  rise as much as
4.5% to 96.5 rupees, hitting their highest level since Jan 8,
2008 
    ** Stock on track for a second consecutive session of gains,
if trend holds 
    ** The iron pipes maker reported a more than three-fold rise
in its consolidated net profit to 1.75 bln rupees ($21.01
million) for the quarter ended Sept 30
    ** Revenue from operations rose 7.6% to 19.19 bln rupees 
    ** More than 18 mln shares trade, 2.3x their 30-day avg
    ** Electrosteel stock up 144.2%, YTD   

    ($1 = 83.2800 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))