India's Somany Ceramics falls as low demand dents Q3 sales

Somany Ceramics

08/02/2023 07:02

** Shares of Somany Ceramics Ltd  SOCE.NS  fall as much as
3.7% to 520 rupees, their biggest intraday pct loss since Dec
23, 2022
    ** The various types of tiles manufacturer said on Tuesday
its quarterly profit plunged nearly 63% to 119.5 mln rupees
($1.45 mln) as muted demand put pressure on sales volumes 
    ** SOCE also reported gross sales at 6.18 bln rupees, up 6%
y-o-y
    ** About 59,289 shares change hands vs 30-day avg of 66,222
shares
     ** Stock crossed 100-day simple moving average (528.83
rupees) and continues to trade above 50-day simple moving
average 
    ** Fourteen of 16 analysts covering the stock have a "buy"
or "strong buy" rating, one has "hold" while one rate it at
"sell" or "strong sell"; median PT is 735 rupees - Refinitiv
data
    ** Stock up 13.7% this year, as of last close 
     ($1 = 82.6700 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))