May 15, 2019 / 6:13 AM / 2 months ago

BUZZ-Welspun Corp falls as higher costs widen Indian co's quarterly loss

** Shares of Welspun Corp Limited fall as much as 6.8% to 127 rupees, their biggest intraday pct fall since Feb. 7

** Stock fell after welded-pipes manufacturer’s March-qtr loss widened around 33 times to 1.49 bln rupees ($21.2 mln), dragged by higher expenses

** Total expenses more than doubled to 28.39 bln rupees, with cost of materials jumping by 67%

** About 674,152 shares change hands by 0558 GMT, compared with 30-day average of ~723,694 shares

** Co’s forward PE of 20.81 is higher compared to sector avg of 7.13

** In comparison, rival Tata Steel Ltd has forward PE of 6.76, while Steel Authority of India Ltd’s forward PE is 7.70

** As of last close, shares down 2.2% this year ($1 = 70.2450 Indian rupees)

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