India's Maharashtra Seamless hits near 7-month low on Q4 profit drop

Maharashtra Seamless

22/05/2024 08:25

** Shares of Maharashtra Seamless Ltd  MHSM.NS  fall as much
as 8% to 744.25 rupees, its lowest since Nov 6, 2023
    ** Steel pipes and tubes maker reported a 41% fall in
March-qtr consolidated net profit to 2.18 bln rupees ($26.19
million)
    ** Total expenses fell 28.7%, which offset the 25.6% fall in
steel pipes and tubes segment rev 
    ** More than 585,000 shares traded as of 12:51 p.m. IST,
2.3x their 30-day moving avg
    ** MHSM last down 6.9%, adding to YTD losses of ~18.5%


($1 = 83.2300 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))