India's Manali Petrochemicals slips to 21-mnth low as Q3 profit falls

Manali Petrochemicals

09/02/2023 05:03

** Shares of Manali Petrochemicals  MNLI.NS  fall as much as
10.95% at 68.75 rupees - lowest since April 22, 2021
    ** MNLI sees steepest intraday slip since November 3, 2022
    ** Industrial raw material maker reported a 97% YoY fall in
Q3 consolidated net profit to 31.5 mln rupees
    ** Rev from ops more than halved to 2.38 bln rupees
    ** Co says performance affected by higher input costs,
increased competition and inability to raise price for consumers
    ** Shares trading below 50-day, 100-day and 200-day moving
averages
    ** Trading volume exceeds 780,000 shares as of 10:15 a.m.
IST, nearly 4 times the 30-day moving avg
    ** Stock sees heaviest trading day since Jan 20, 2023
    ** MNLI fell ~25% in 2022 after two consecutive annual gains
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))