India's Varroc Engineering hits near 1-year high on posting June-qtr profit

Varroc Engineering

10/08/2023 05:10

** Shares of auto components maker Varroc Engineering
 VARE.NS  rise as much as 14.3% to 391.8 rupees, highest since
Sept. 22, 2022
    ** Stock logs largest intraday pct climb since April 29,
2022
    ** Co on Wednesday reported June-quarter profit of 322.6 mln
rupees ($3.9 mln) from loss of 848.4 mln rupees year ago
    ** Revenue growth of 10.1% to 17.92 bln rupees outweighed
7.3% rise in expenses
    ** Loss from discontinued operations was 209.2 mln rupees
compared to loss 802.7 mln rupees year earlier
    ** Over 808,000 shares change hands as of 9:23 a.m. IST,
3.4X the 30-day moving average
    ** Stock up 15.5% YTD as of last close
    
($1 = 82.8120 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))