India's Rupa & Co hits 1-1/2 yr low after Q2 profit fall

Rupa &

14/11/2022 08:42

** Shares of Rupa & Company  RUCL.NS  fall as much as 4.48%
to 295 rupees, mark sharpest intraday pct loss since Aug. 12
    ** Co, which manufactures hosiery and knitwear, reported a
68.15% fall in Sept. qtr consolidated net profit on Friday to
168.7 million Indian rupees ($2.08 million)
    ** Revenue from operations fell 22.29% Y/Y to 2.86 billion
rupees
    **Director Vikash Agarwal said co raised product prices to
offset sharp volatility in yarn prices, rising inflation, and
overall weak sentiment, "therefore impacting our realisation". 
    ** Stock hits lowest level since May 10, 2021; on track for
a third consecutive session of loss
    ** More than 264,000 shares change hands by 0819 GMT, 2x
30-day avg of 131,914 shares
    ** Stock down 30.12% YTD, as of last close
($1 = 81.0550 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))