India's NRB Bearings surges 8% after Q2 profit jump

NRB Bearings

08/11/2024 04:06

** Shares of NRB Bearings Ltd  NBEA.NS  jump 8.1% to 299.90
rupees
    ** Stock set for their best day since May 21, 2024
    ** Bearings maker's Sept-qtr profit jumps 47% to 352.6
million rupees ($4.2 million), with sales rising 8%, outpacing a
5.5% rise in expenses
    ** More than 880,000 shares traded, 5.1x the 30-day avg
volume
    ** Last month, larger rival Schaeffler India  SCHE.NS 
reported a higher profit on strong demand from two-wheeler
manufacturers
    ** NBEA trims YTD losses to 11% but lags larger rivals
SCHE's 9% rise and SKF India's  SKFB.NS  10% climb this year



($1 = 84.3540 Indian rupees)

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