India's Jindal Saw hits over 15-mth high on Q3 profit surge

Jindal Saw

27/01/2023 04:20

** Shares of Jindal Saw Ltd  JIND.NS  rise as much as 10.5%
to 121.7 rupees, their highest since Oct. 19, 2021
    ** Stock sees the biggest intraday pct climb since May 20,
2022
    ** Iron and steel pipe products supplier reported a
consolidated net profit of 2.14 bln rupees ($26.25 million) from
126.4 mln rupees ($1.55 million) a year earlier
    ** Co says strong demand and stability in raw material
prices helped profitability; expects pipe demand to grow
    ** Stock set to snap 5-day losing streak, if gains hold
    ** Over 3.1 mln shares traded as of 9:29 am IST, 1.2X the
30-day moving average
    ** Stock climbed for third straight year in 2022, rising
4.8% last year
($1 = 81.5330 Indian rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))