Indian Metals and Ferro Alloys sinks to over 4-mth low as qtrly profit tanks

Indian Metals And Ferro Alloys

27/10/2022 09:27

** Shares of Indian Metals and Ferro Alloys Ltd  IMFA.NS 
fall as much as 8.3% to 234.80 rupees, lowest since June 20
    ** Ferrochrome producer on Thursday reported an 88.7% slump
in September-qtr profit to 163 million Indian rupees ($1.98
million) on higher expenses
    ** Qtrly total expenses rose to 6.48 billion rupees from
4.54 billion rupees last year, on a 1.5x jump in input costs
    ** More than 256,000 shares change hands by 0822 GMT, 5.5x
30-day avg of ~47,000 shares
    ** Stock down 43.7% so far this year up to last close
($1 = 82.3110 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))