India's Finolex Industries falls most in 5 months on Q4 profit plunge

Finolex Industries

23/05/2023 07:32

** Shares of Finolex Industries Ltd  FINX.NS  fall as much as 5.7% to 180.05 rupees
    ** Pipes maker reports 66.4% drop in consolidated profit at 1.67 bln rupees ($20.42 mln) for
the March qtr
    ** Revenue from ops falls 28.4% to 11.41 bln rupees
    ** FINX logs steepest pct loss since Dec. 23, 2022
    ** About 1.5 mln shares traded by 11:46 a.m. IST, 1.8x the 30-day avg - Refinitiv Data   
    ** Nine of the 14 analysts on stock have a "buy" or higher rating, four "hold", while one
recommends "sell"; median PT is 198 rupees
    ** Stock fell 8.9% during the March qtr; has risen ~7% since

    
    
($1 = 81.7800 Indian rupees)

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))