India's PPAP Automotive falls 10% after swinging to qtrly loss

PPAP Automotive

22/05/2023 09:13

** Shares of PPAP Automotive Ltd  PPAP.NS  fall as much as
10% to 179.55 rupees, mark sharpest intraday pct loss since Feb.
14, 2022
    ** The automotive parts maker on Friday reported a
consolidated net loss of 22.8 mln rupees ($278,796.77) vs profit
of 8.6 mln rupees yr ago while its rev from ops rose 7.9% YoY
    ** Total expenses rose 12.5% due to rise in cost of
materials
    ** Share price below 50-day, 100-day and 200-day simple
moving averages, suggesting bearish trend
    ** More than 35,000 shares change hands by 1:34 p.m. IST,
6.3x 30-day avg of 5,634 shares
    ** Only one analyst covering the stock have a "hold" rating;
median PT is 200 rupees - Refinitiv data
    ** Including session's loss, stock down ~25.5% YTD



($1 = 81.7800 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))