India's Sheela Foam up on receiving compensation in insurance claim matter

Sheela Foam

05/04/2024 07:53

** Shares of Sheela Foam  SHEF.NS  rise as much as 6.6%
before trimming gains to trade 3.1% higher
        ** Home furnishings co 
    says
     it has been awarded compensation of 213.9 mln rupees ($2.6
mln) in insurance claim matter
  
        ** Adds compensation awarded with 10% interest from the
date of rejection of claim
  
    ** Stock on track for best one-day rise since Jan. 31
    ** SHEF set to snap 11 straight weekly losses
    ** Trading vol is 4.4x the 30-day daily avg, tops vols of
340,000 for the second time in 2024
    ** Stock fell 4.5% in 2023



($1 = 83.4100 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))