India's RSWM falls on profit slump
15/11/2022 07:34
** Shares of yarns spinning mills company RSWM Ltd RSWM.NS
fall as much as 8.6% to 295.15 rupees, their lowest since Sept.
22, 2021
** Co on Monday reported a 55% slump in Sept. qtr profit to
201.3 mln Indian rupees ($2.47 mln) vs 447.5 mln rupees a year
earlier hurt by the weaker margins in fabric and yarn segments
** Global economic volatility and high inflationary pressure
resulted in subdued demand from export markets, which hit the
yarn segment, co said
** Volatile cotton prices pressured margins in the denim
segment, resulting in increased prices for finished products
** Total expenses rose 4.5% to 9.35 billion rupees
** Rev from ops grew 0.1% to 9.54 billion rupees
** Stock clocks its biggest intraday pct drop since May 12
** More than 120,000 shares change hands by 0725 GMT vs
30-day avg of 39,171 shares
** Stock down 29.8% YTD, up to last close vs 1.4% fall
in S&P BSE SmallCap Index .SPBSSIP
($1 = 81.3700 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
((dimpal.gulwani@thomsonreuters.com))