India's Pidilite Industries rises after Q3 profit jumps

Pidilite Industries

24/01/2024 04:47

** Shares of adhesive maker Pidilite Industries Ltd
 PIDI.NS  rise as much as 5.5% to 2,660.15 rupees 
    ** Co on Tuesday posted about 68% jump in Q3 consolidated
net profit at 5.1 bln rupees ($61 million) driven by sustained
demand and easing costs
    ** Sales increased 5% in consumer and bazaar business, which
accounts for nearly 81% of total revenue
    ** Rev from ops rose 4% Y/Y to 31.30 bln rupees 
    ** Stock set to snap five-session losing streak
    ** More than 1.2 mln shares change hands as of 10:05 a.m.
IST, 2.8x their 30-day moving avg
    ** Mean rating of brokerages covering PIDI is "hold"; median
PT is 2,589.50 rupees, slightly below the day's high - LSEG data
    ** PIDI last up 3%; rose 6.5% in 2023, its 12th straight
yearly gain


($1 = 83.1450 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))