India's Nelco hits 1-1/2 month high after quarterly profit jump

Nelco

25/04/2023 05:19

** Shares of Nelco Ltd  NELC.NS  rise as much as 12.3% to
616.45 rupees, highest since March 6
    ** Network systems solutions firm reports March-qtr consol.
net profit up 87% to 56.6 mln rupees ($691,314.60) 
    ** Tata Group owned company's qrtly income from operations
up 14.4% to 819.8 mln rupees
    ** Stock traded above its 50-day moving average for the
first time since October
    ** Trading volume at ~780,000 shares as of 9:35 a.m. IST 
    ** Up to last close, stock was down 22.8% so far this year



($1 = 81.8730 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))