India's ISMT rises on Q2 profit jump; approves setting up solar plant

ISMT

27/10/2023 07:41

** Shares of ISMT  ISMT.NS  up as much as 10.5% to 82.70
rupees, their biggest intra day pct gain since July 27
    ** Seamless tubes and engineering steel products maker
reported a ~70% YoY rise in its Sept-qtr consol net profit; rev
from ops up 5.6% YoY
    ** Profit helped by higher sales and lower costs; total
expenses down 3% YoY
    ** Separately, ISMT also approved to set up solar plant with
a capacity of 100 MW; total invest up to 3.33 bln rupees ($40
mln) 
    ** ~2.2 mln shares change hands as of 12:02 p.m. IST, 6.4x
the 30-day moving avg
    ** Stock last up 7%, extending YTD gains to ~49%
    
($1 = 83.2440 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))