India's Nelco hits near 1-month low as Q3 profit drops

Nelco

23/01/2023 05:02

** Shares of satellite communication firm Nelco Ltd
 NELC.NS  down as much as 4.24% at 643.05 rupees, lowest level
since Dec. 26
    ** Co set for worst day since Dec. 23, if losses hold
    ** Co on Friday reported ~5% y/y slide in Q3 profit to 50
mln rupees ($617,436.40)
    ** Income from operations for the period was at 742.3 mln
rupees vs 720.6 mln rupees a year ago 
    ** Co shares trading below 50-day and 100-day moving
averages since Oct. 18, indicating bearish momentum 
    ** Stock fell 1.45% in 2022
($1 = 80.9800 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))