India's Greaves Cotton rises as co swings to profit

Greaves Cotton

09/02/2023 08:27

** Shares of auto engine and heavy equipment maker Greaves
Cotton Ltd  GRVL.NS  rise as much as 3.8% to 143.40 rupees,
marking their sharpest intraday pct gain since Jan 31
    ** Co reports a consol net profit of 64.3 mln rupees 
($778,638.90) in the Dec quarter versus a loss of 62.4 mln
rupees a year earlier
    ** GRVL's revenue from operations rose 5.6% to 5.14 bln
rupees, boosted by a 23.3% jump in its engines segment
    ** Stock hits its highest since Feb 3
    ** More than ~2.1 mln shares change hands, 1.6x 30-day avg
of ~1.3 mln shares
    ** Stock down 1.5% this year, up to last close
    ($1 = 82.5800 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))