 "Omaxe freezes at 20% lower circuit for second straight day, hits 52-wk low")
Shares of Omaxe were locked in the 20 per cent lower circuit for second straight day at Rs 141.20 on the BSE on Tuesday.
The stock of the real estate developer was trading at its 52-week low price and has tanked 36 per cent in the past two trading days. It hit a 52-week high of Rs 222 on Monday, June 29, 2020 in the intra-day trade on the BSE.
Till 09:53 am, a combined around 135,000 equity shares have changed hands and there were pending sell orders for 2.43 million shares on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.54 per cent at 35,150 points.
Omaxe, which was scheduled to announce its January-March quarter (Q4FY20) earnings on June 29, has postponed the same by one month. The company informed the stock exchange that the board of directors of the Company is now scheduled to meet on July 29, 2020 to approve the Q4 results.
The board will also consider and recommend dividend on preference shares and equity shares. It will also approve the enabling resolution for shareholder's approval to undertake fund raising activity.
In the past two months, the stock of Omaxe witnessed a strong run-up, ralling 44 per cent from a level of Rs 153 on the BSE on April 27. In comparison, the S&P BSE Sensex gained 11 per cent, while S&P BSE Realty index surged 17 per cent during the same period, till Friday.
On April 3, rating agency Credit Ratings by Credit Analysis and Research Limited (CARE) downgraded the ratings of long term bank facilities of the company.
"The revision in ratings of Omaxe factors in the lower-than-envisaged project collection, its subdued bookings (although trending improvement in 9MFY20), continued slump in the real estate sector and rising input costs. The ratings also factors in the execution of large township projects having relatively higher turnaround time in comparison to Omaxe’s debt maturity profile, therefore creating pressure on liquidity," it said in its rationale.. CLICK HERE TO READ FULL REPORT
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