Sumitomo Chemical India falls most in 2 mnths on Q1 profit drop

Sumitomo Chemical India

01/08/2023 05:17

** Shares of agro chemicals provider Sumitomo Chemical India
 SUMH.NS  fall as much as 4.1% to 396.1 rupees, lowest since May
31
    ** Q1 consol net profit dropped 55.3% to 616.8 million
rupees ($7.49 million), rev from ops fell 26.6%
    ** SUMH trading below its moving average convergence
divergence line (MACD), indicating bearish sentiment
    ** Nearly 229,751 shares change hands by 09:38 a.m. IST vs
0.7x 30-day avg of 309,401 shares
    ** Analysts covering the stock on average have a "buy"
rating; median PT is 482.5 rupees - Refinitiv data
    ** Stock down 15.4% YTD up to last close



($1 = 82.3000 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))