Future Retail, Indiabulls Real Estate, Shankara Building hit new lows

Just Dial, AU Small Finance Bank, Dish TV Network, Lakshmi Vilas Bank and Varroc Engineering were among 14 stocks from the S&P BSE500 index that hit fresh lows

As many as 14 stocks from the S&P BSE500 index hit fresh all-time lows on Thursday in an otherwise firm market. The list included Future Retail, Indiabulls Real Estate, Just Dial, AU Small Finance Bank, Dish TV Network, Lakshmi Vilas Bank, Shankara Building Products and Varroc Engineering.

Shares of Future Retail were locked in lower circuit for the 11th straight day after slipping 5 per cent to Rs 91.75 on the BSE on Thursday after the company announced that lenders who held non-convertible debentures (NCDs) through IDBI Trusteeship Services have invoked 42.2 million or 8 per cent of promoter pledged shares. In a stock exchange filing, IDBI Trusteeship said that it had invoked the shares since an event of default has occurred.

In the past six weeks, Future Retail's stock price has tanked 76 per cent from the level of Rs 377 on February 13, despite the company’s clarification with respect to the price movement.

“We believe that the significant movement of price of the equity shares of the Company during recent past is due to unprecedented fall across the global markets including India. It is purely driven by the market force,” Future Retail said in a regulatory filing on March 16.

Shares of Indiabulls Real Estate fell 5 per cent to Rs 36.85 on the BSE in intra-day today even as the company said it will initiate process to buy back equity shares worth up to Rs 500 crore. The realty firm's stock has plunged 54 per cent in last one month compared with a 26 per cent fall in the Sensex during the same period.

The company's board had, in November, last year approved buyback of up to 50 million fully paid-up equity shares, representing about 11 per cent of its total existing paid-up equity capital, at Rs 100 a share, aggregating to total buyback size of Rs 500 crore through tender offer.

The proposed Buyback is expected to be completed in the next quarter or in the following one depending on the date of opening of the current lockdown, it said.

Shares Shankara Building Products hit a new low of Rs 232, down 5 per cent today, after rating agency Crisil downgraded its rating on bank facilities and the commercial paper of the company. The stock has plunged 51 per cent in the past one month.

“The downgrade reflects the moderation in the group’s overall business risk profile marked by continued supressed return on capital employed (RoCE) levels and working capital intensity. Erstwhile levels of 6 plus percentage operating margins are not expected to materialise over the medium term on account of commodity nature of business and intense competition. It has remained at around 4-4.5 per cent levels,” Crisil said in rating rationale.

COMPANY	LATEST	ALL TIME LOW	PREV LOW	PREV DATE
AU SMALL FINANCE	498.80	460.15	473.85	25-Mar-20
DISH TV	4.67	4.51	4.64	25-Mar-20
DISHMAN CARBOGEN	48.75	48.75	51.30	25-Mar-20
FUTURE RETAIL	91.75	91.75	96.55	25-Mar-20
INDBULL.REALEST.	37.50	36.85	38.00	07-Oct-19
JUST DIAL	286.10	250.55	255.55	24-Mar-20
LAK. VILAS BANK	11.00	11.00	11.55	25-Mar-20
PC JEWELLER	8.35	7.80	7.80	25-Mar-20
PNB HOUSING	156.55	146.00	147.90	25-Mar-20
RELIANCE INFRA.	9.35	8.65	9.05	25-Mar-20
RELIANCE POWER	1.08	1.00	1.04	25-Mar-20
SHANKARA BUILD.	236.90	232.35	240.00	05-Aug-19
SUZLON ENERGY	1.71	1.65	1.72	25-Mar-20
VARROC ENGINEER	145.00	136.65	141.65	25-Mar-20