Steel Strips Wheels falls most in nearly 5 mths on Sept qtr profit drop

Steel Strips Wheels

20/10/2022 10:25

** Shares of wheel rims maker Steel Strips Wheels Ltd
 STWH.NS  fall as much as 7.1% to 726.85 rupees, their biggest
intraday pct loss since May 25
    ** STWH on Thursday reported a 13.1% drop in Sept-qtr profit
at 546.1 million rupees ($6.58 million) on rising expenses
    ** Total quarterly expenses increased to 10.05 billion
rupees from 8.65 billion rupees a year earlier on a 26.4% jump
in cost of materials consumed
    ** Shares hit their lowest level since June 21
    ** More than 101,000 shares change hands by 0854 GMT, 3.4X
30-day avg of 30,025 shares
    ** Stock down 9.2% so far this year up to last close
($1 = 82.9400 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))