India's Seshasayee Paper hits over 4-mth high on Q4 profit rise

Seshasayee Paper and Boards

02/05/2023 10:23

** Shares of Seshasayee Paper and Boards Ltd  SSHA.NS  rise
as much as 8.2% to 303.65 rupees, hitting their highest since
Dec. 20, 2022
    ** Printing and writing paper maker reports Q4 consolidated
net profit from ordinary activities after tax that more than
doubled to 1.18 billion rupees ($14.41 million)
   ** Rev from ops up 21.7%; board recommends dividend payment
of 6 rupees per share
    ** Stock trading above its 50-, 100-, and 200-day moving
averages since April 25
    ** Moving average convergence divergence line above the
signal line since April 3, suggesting bullish momentum
    ** Shares post their sharpest intraday pct gain since March
29
    ** More than 516,315 shares change hands by 2:38 p.m. IST,
8.7x the 30-day avg of 59,192 shares
    ** Stock last up 1.9%, extending year to date gains to 2.3%


($1 = 81.8700 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))