India's Onward Technologies up 20% after Q4 profit doubles

Onward Technologies

12/05/2023 09:50

** Shares of Onward Technologies Ltd  OTEC.NS  rise as much
as 20% to 420.35 rupees, highest since April 2022
    ** Engineering research firm's March-qtr consolidated net
profit more than doubled to 72.4 mln rupees  ($885,302.03),
aided by a near 39% growth in revenue
    ** Co named Pawan Nathani new chief financial officer
    ** Recommended final dividend of 3 rupees per share
    ** Stock trading above its 50-, 100-, and 200-day moving
averages for over a month, suggesting bullish bias
    ** Trading volume at ~366,600 shares, nearly 17x the 30-day
avg of ~22,200 shares as of 2:05 p.m. IST 
    ** Stock last up ~34% so far this year, extending gains of
15.14% up to last close



($1 = 81.7800 Indian rupees)

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