India's Steel Cast jumps after quarterly profit rises

Steelcast

24/01/2023 05:53

** Shares of Steel Cast  STCL.NS  rise as much as 8.1% to
524.40 rupees; mark sharpest intraday pct gain in three weeks
    ** Stock of the steel casting co hits highest level since
Dec. 21
    ** Co on Monday reported 125.9% increase in Dec-qtr profit
to 192.8 million rupees ($2.36 million) boosted by gains from
foreign exchange and lower input prices
    ** Income from operations rose 51.5% to 1.20 bln rupees 
    ** STCL also declared a third interim dividend of 1.80
rupees per share
    ** Share price is above 50-day, 100-day and 200-day
exponential moving averages, suggesting bullish trend
    ** Stock's moving average convergence divergence (MACD) line
has been above the signal line since Jan. 23, indicating bullish
bias
    ** More than 98,000 shares change hands by 11:05 a.m. IST,
2.3x 30-day avg of 42,714 shares
    ** Stock rose 54.6% last year
($1 = 81.6030 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))