India's Jindal SAW surges to over 12-year high on robust Q4 profit

Jindal Saw

18/05/2023 06:30

** Shares of Jindal SAW Ltd  JIND.NS  rise as much as 13.41%
to 198.35 rupees, highest level since October 2010
    ** The iron and steel pipes and pellets maker reports
consolidated net profit after tax almost tripled Y/Y to 2.94 bln
rupees in the March quarter  urn:newsml:reuters.com:*:nFWN37E02N
    ** Revenue from operations up 31% at 51.88 bln rupees
    ** Co also gives an in-principle approval to dispose off its
unit - Green Ray Holdings in United Kingdom and its subsidiary,
Derwent Sand SARL  urn:newsml:reuters.com:*:nFWN37E0GI
    ** Stock is most active in nearly two years, with a trading
volume of 14.75 mln shares as of 10:50 a.m. IST, nearly eight
times the 30-day avg - Refinitiv data
    ** The relative strength index is at 75, suggesting the
stock may be overbought


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))