India's Steel Strips Wheels hits records high, reverses to fall 11% on Q1 profit dip

Steel Strips Wheels

12/07/2023 09:47

** Shares of Steel Strips Wheels Ltd  STWH.NS  fall as much
as 11% to 196.25 rupees
    ** Stock marks sharpest intraday pct loss in over 3 years
since March 24, 2020
    ** Shares had hit record high after they rose as much as
3.2% to 227.65 rupees, falling sharply after co's June-qtr
results
    ** The steel and alloy wheel rims maker reports 1.1% fall in
Q1 PAT; total expenses surge 3.4% while rev from ops rose 2.8%  
  
    ** Stock hits its lowest since June 26; continues trading
above its 50-, 100-, and 200-day moving averages
    ** More than ~3 mln shares change hands by 2:10 p.m. IST,
3.3x the 30-day avg of 915,241 shares
    ** Stock last down 8%, cutting year to date gains to 27.3%


($1 = 82.2877 Indian rupees)

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