India's Meghmani Organics falls after Dec-qtr profit drops

Meghmani Organics

23/01/2023 05:16

** Shares of chemicals co Meghmani Organics  MEGI.NS  fall
as much as 11.3% to 93.65 rupees, their sharpest intraday pct
loss since Jan. 31, 2022
    ** Stock hits lowest level since Mar. 14, on track for a
sixth consecutive session of loss
    ** Co on Saturday reported an 87.78% Y/Y drop in Dec-qtr
consolidated net profit to 83.5 mln rupees ($1.03 mln)
    ** Revenue from operations fell 14.19% Y/Y to 5.49 bln
rupees
    ** Pigment, which constitutes 25% of overall revenue, was
adversely impacted in the quarter due to liquidation of
high-cost inventory, MEGI said in a statement
    ** MEGI's relative strength index below 30, indicating that
it is oversold
    ** Stock is witnessing its most active trading session in
over four months since Sept. 19
    ** More than 1.9 mln shares change hands by 10:35 a.m IST,
4.6x 30-day avg of 425,533 shares
    ** Stock rose 0.32% last year
($1 = 80.9750 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))