India's Mangalore Chemicals and Fertilizers surges as profit more than doubles

Mangalore Chemicals and Fertilisers

31/01/2023 04:23

** Shares of Mangalore Chemicals and Fertilizers Ltd
 MNGL.NS  rise as much as 12.7% to 90 rupees — their highest
intraday pct climb since June 6, 2022
    ** Stock touches its highest level since Dec. 30
    ** Fertiliser manufacturer reports a near 2.5X increase in
Q3 standalone profit to 761.7 mln rupees ($9.33 million) from
310.7 mln rupees ($3.81 million) year ago
    ** MNGL's revenue from contracts with customers soars 54% to
11.73 bln rupees
    ** Co had reported Q2 loss of 321.9 mln rupees
    ** Stock on track to remain above its 50-day moving average
after dipping under in five consecutive sessions, if gains hold
    ** Nearly 1.1 mln shares traded as of 9:37 am IST, double
the 30-day moving average
    ** Stock rose 22.8% last year for second straight annual
gain
($1 = 81.6270 Indian rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))