India's Nelcast hits over 5-month high as quarterly profit soars

Nelcast

02/08/2022 08:26

** Shares of iron castings maker Nelcast Ltd  NLCA.NS  rise
as much as 8.4% to 77.50 rupees, their highest since Feb. 18
    ** NLCA posts biggest intraday gain since July 7 
    ** Co late on Monday posted an over three-fold jump in June
quarter profit of 77.7 mln rupees ($988,078.21) urn:newsml:reuters.com:*:nFWN2ZD2L6
    ** Revenue surged to 2.95 billion rupees from 1.85 bln
rupees, with sales volumes climbing 28.7% y/y to 20,158 tonnes
in Q1     
    ** "Looking forward to Q2, demand in medium-and-heavy
commercial vehicle, tractor and export segments still appears to
be fairly strong and operational challenges of Q1 have also
eased" - Nelcast CEO P Deepak 
    ** "Export demand remains strong and expected to get
stronger with improvement in supply constraints and new product
launches in FY23" - NLCA   
    ** More than 457,000 shares change hands by 0658 GMT vs
30-day avg of over 80,000 shares
    ** Stock down 11.5% YTD up to last close

($1 = 78.6375 Indian rupees)
    

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))