India's Sudarshan Chemicals at over 2-1/2 year low on Q3 profit fall

Sudarshan Chemical Industries

10/02/2023 06:57

** Shares of Sudarshan Chemical Industries Ltd  SDCH.NS 
fall as much as 5.9% to 341 rupees, sharpest intraday pct loss
since Dec. 9, 2022
    ** Stock at lowest in over 2 and a half years; trading below
50-day, 100-day and 200-day averages
    ** Pigment manufacturer on Thursday reported a 98.4% fall in
consolidated profit to 5.8 million rupees
    ** Co says export demand subdued due to geopolitical
scenario and tightening monetary policies by central banks;
domestic demand in plastics and coating segments seeing
softening
    ** Revenue from operations fell 12.8% to 5.21 billion rupees
due to 13.7% slump in pigments segment
    ** Nearly 140,000 shares traded as of 12:15 p.m. IST, 2.6x
30-day avg
    ** Six analysts rate stock 'buy' or 'strong buy', two
'hold;' median PT is 500 rupees - Refinitiv data
    ** Stock last down 2%, extending YTD loss to 8.8%
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))