India's Welspun Enterprises slides as higher costs hit profit

Welspun Enterprises

17/06/2021 06:07

** Shares of infrastructure firm  WELS.NS  fall as much as
6.6% to 110 rupees, lowest since June 2
    ** WELS' March-qtr net profit more than halved to 407.2 mln
rupees ($5.53 mln), hit by a 23% jump in total expenses, losses
in associate and JV companies, and tax expenses https://bityl.co/7NY1
    ** Revenue climbed ~21% to 5.69 bln rupees
    ** Stock marks sharpest intraday pct fall since April 19
    ** Around 325,000 shares change hands by 0455 GMT vs 30-day
avg of 513,832 shares
    ** WELS up 36% YTD by last close, vs a 21% climb in the
Nifty Infrastructure index  .NIFTYINFR  and a 13% rise in the
benchmark NSE Nifty 50 index  .NSEI 

($1 = 73.6450 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))