India's Sterling Tools down on quarterly profit fall

Sterling Tools

31/10/2023 06:17

** Shares of Sterling Tools  STTL.NS  fall as much as 5.7%
to 342.35 rupees
    ** Co's Sept-quarter consolidated net profit falls 24.9%
YoY, revenue up 17.7%
    ** Total expenses rise 19.4%, led by raw material costs and
changes in inventory
    ** Co also had an insurance claim last year of 67.3 mln
rupees, down to 6 mln rupees in Sept quarter
    ** Stock on track to end two straight days of gain, if trend
holds
    ** Over 109,000 shares change hands as of 11:39 a.m. IST,
1.9X the 30-day moving average
    ** Stock last down 5%, trimming YTD gain to 27.8%

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