RHI Magnesita India hits almost 3-month low on Q3 profit slide

RHI Magnesita India

14/02/2023 05:35

** Shares of RHI Magnesita India Ltd  RHIM.NS  fall as much
as 14.8% to 638.05 rupees, lowest since Nov. 18, 2022
    ** Stock posted steepest intra day pct loss since Mar 23,
2020
    ** Refractory products supplier on Monday said its
consolidated profit after tax for Dec-qtr fell ~23% YoY to 586.8
million rupees ($7.10 million)
    ** Revenue from operations rose ~19% to 6.45 billion rupees;
total expenses up 27.7% to 5.70 bln rupees
    ** Stock on track to fall for a second consecutive session,
if losses hold
    ** Over 1.1 mln shares traded by 10:40 a.m. IST, ~4.6x the
30-day avg
    ** As of last close, stock down 10.8% so far this year
    ($1 = 82.6750 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))