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The benchmark indices declined 35.78 points to end at 58,817.29. Its broader peer, Nifty50, also failed to close above the 17,550 mark.

“The price of spot gas is a global phenomenon. The prices are going up because of geopolitical issues and are likely to pose a challenge to us for the next 1-2 quarters. We will sail through these two-three quarters. Our margins will not be as high as they were this quarter but we still hope to be profitable at the end of this financial year.”

The firm had posted a profit of Rs 2,787 crore in the corresponding quarter last year.

As of 30-Jun-2022, promoters held 0.0 per cent stake in the company, while FIIs held 8.68 per cent and domestic institutional investors had 2.1 per cent.

A total of 8,762 shares changed hands on the counter till 01:50PM (IST).

A higher-than-expected U.S. Consumer Price Index report for July could spook markets, which are already expecting a high chance of a 75 basis point interest rate hike by the Federal Reserve next month.Rate-sensitive tech stocks shed 0.5%, to lead sectoral declines as euro zone money markets now fully price in a half-point interest rate hike by the European Central Bank in September.

The logistics services provider reported a net loss of Rs 399 crore for the quarter ended June 30, a more than three-fold increase from the same period last year. The net loss was Rs 129 crore in the first quarter last year.Revenue from contracts with customers rose by 33 per cent on a yearly basis to Rs 1,746 crore during the quarter. Revenue from services in Q1 FY23 increased by 30 per cent to Rs 1,746 crore from Rs 1,344 crore recorded in Q1 FY22.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) was at Rs 370 crore, a growth of 3% YoY. The EBITDA margins for the quarter expanded 130 basis points to 26.6% in Q1FY23 compared to 25.3% in Q1FY22.

Incorporated in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as some of its key clients.

“We need to do a lot to make the companies understand what extra costs they will have to pay. All that takes time. We are thinking that within the next 1-2 months or maybe a quarter, the bottom line will improve even for the past quarter. I think in the coming one-three months, the money will come in. It will all come into the bottom line.”