India's Manali Petrochemicals hits 2-1/2-year low on profit slump

Manali Petrochemicals

03/11/2022 06:36

** Shares of Indian petrochemicals' manufacturer and seller Manali
Petrochemicals Ltd  MNLI.NS  fall as much as 15.2% to 79.30 rupees, in their
biggest intraday pct loss since March 13, 2020
    ** MNLI on Wednesday reported a 90% fall in profit for the Sept-qtr to 116.8
mln rupees ($1.41 mln)  urn:newsml:reuters.com:*:nL8N31Z0PP
    ** Rev from ops stood at 2.86 bln rupees vs 4.36 bln rupees a yr ago 
    ** "The downtrend in the economy impelled by global events continue to
affect the performance, which is being experienced since the last quarter of the
previous year", says Muthukrishnan Ravi, MD - Petrochemicals Division, AM
International Group
    ** Manali Petrochemicals is a part of Singapore-headquartered AM
International Group
    ** Falling product prices and rising input costs wore down the margins, Ravi
says
    ** Nearly 2.4 mln shares change hands by 0613 GMT, 7x 30-day avg of 341,718
shares
    ** Stock down 14.2% so far this year, as of last close
($1 = 82.7760 Indian rupees)
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))