Tejas Networks, Shankara Building, RCom, RPower, Punj Lloyd hit new lows
Tata Teleservices (Maharashtra), Jaiprakash Associates, Punj Lloyd, Religare Enterprises and Prabhat Dairy among 29 stocks that hit new lows on the BSE.
 "Tejas Networks, Shankara Building, RCom, RPower, Punj Lloyd hit new lows")
premium
Shares of Tejas Networks, Shankara Building Products, Tata Teleservices (Maharashtra), Jaiprakash Associates, Punj Lloyd, Religare Enterprises and Prabhat Dairy among 29 stocks that hit new lows on BSE in the intra-day trade on Monday.
Anil Ambani Group (ADAG) five companies – Reliance Communications (down 48 per cent at Rs 6), Reliance Power (down 32 per cent at Rs 17.80), Reliance Naval and Engineering (down 15 per cent at Rs 10.07), Reliance Home Finance (down 15 per cent at Rs 29.50) and Reliance Nippon Life Asset Management (down 5 per cent at Rs 129) – hit all-time lows in the intra-day deal today.
On Friday after market hours, Reliance Communications (RCom) said it would be filing for bankruptcy in the National Company Law Tribunal (NCLT) after the telco failed to take necessary approvals from lenders and the Department of Telecommunications (DoT) to conclude its deal with Reliance Jio. It informed the exchanges on Sunday that it plans to propose a similar debt resolution plan in the tribunal as was being earlier pursued with creditors.
Announcing its decision to move the NCLT, the debt-strapped firm said, “Despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans and the overall debt resolution process is yet to make any headway. Accordingly, the board decided that the company would seek fast-track resolution through the NCLT. The board believes this will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time-bound manner within the prescribed 270 days.”
Prabhat Dairy locked in lower circuit of 10 per cent at Rs 50.80, its lowest level since listing September 21, 2015. The stock plunged 54 per cent from its intra-day high level of Rs 112 on January 22, as investors worried about the utilisation of transaction proceeds. The company had announced that global dairy major Lactalis will buy its milk business for Rs 1,700 crore.
Shankara Building Products too was frozen at lower circuit of 5 per cent at Rs 353.75, lowest level its listing on April 5, 2017. The board of home improvement products maker is scheduled to meet on Friday, February 8, 2019, to consider the financial results of the company for the quarter ended December, 2018 (Q3FY19).
In the past three months, the stock of Shanakra Building Products tanked 68 per cent after the company posted 47 per cent year on year (y-o-y) decline in its net profit at Rs 91 million in September quarter (Q2FY19), due to higher operational costs. Total income grew 12.6 per cent at Rs 5,716 million on y-o-y basis. Floods and heavy rains, especially in Kerala and South Karnataka, have impacted the performance. In comparison, the S&P BSE Sensex was up 4 per cent during the same period.
Tejas Networks slipped 11 per cent to Rs 143, falling 33 per cent in the past eight trading days after reporting weak set of numbers for Q3FY19. The stock was trading at its lowest level since June 27, 2017.
The company’s consolidated revenues (net of taxes and pass-through component sale) was down 22 per cent y-o-y at Rs 176 crore, mainly due to delays in government tenders. Its operating profit margins stood 16 per cent at Rs 28.17 crore as against 20.8 per cent in the same quarter previous year.
Anil Ambani Group (ADAG) five companies – Reliance Communications (down 48 per cent at Rs 6), Reliance Power (down 32 per cent at Rs 17.80), Reliance Naval and Engineering (down 15 per cent at Rs 10.07), Reliance Home Finance (down 15 per cent at Rs 29.50) and Reliance Nippon Life Asset Management (down 5 per cent at Rs 129) – hit all-time lows in the intra-day deal today.
On Friday after market hours, Reliance Communications (RCom) said it would be filing for bankruptcy in the National Company Law Tribunal (NCLT) after the telco failed to take necessary approvals from lenders and the Department of Telecommunications (DoT) to conclude its deal with Reliance Jio. It informed the exchanges on Sunday that it plans to propose a similar debt resolution plan in the tribunal as was being earlier pursued with creditors.
Announcing its decision to move the NCLT, the debt-strapped firm said, “Despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans and the overall debt resolution process is yet to make any headway. Accordingly, the board decided that the company would seek fast-track resolution through the NCLT. The board believes this will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time-bound manner within the prescribed 270 days.”
Prabhat Dairy locked in lower circuit of 10 per cent at Rs 50.80, its lowest level since listing September 21, 2015. The stock plunged 54 per cent from its intra-day high level of Rs 112 on January 22, as investors worried about the utilisation of transaction proceeds. The company had announced that global dairy major Lactalis will buy its milk business for Rs 1,700 crore.
Shankara Building Products too was frozen at lower circuit of 5 per cent at Rs 353.75, lowest level its listing on April 5, 2017. The board of home improvement products maker is scheduled to meet on Friday, February 8, 2019, to consider the financial results of the company for the quarter ended December, 2018 (Q3FY19).
In the past three months, the stock of Shanakra Building Products tanked 68 per cent after the company posted 47 per cent year on year (y-o-y) decline in its net profit at Rs 91 million in September quarter (Q2FY19), due to higher operational costs. Total income grew 12.6 per cent at Rs 5,716 million on y-o-y basis. Floods and heavy rains, especially in Kerala and South Karnataka, have impacted the performance. In comparison, the S&P BSE Sensex was up 4 per cent during the same period.
Tejas Networks slipped 11 per cent to Rs 143, falling 33 per cent in the past eight trading days after reporting weak set of numbers for Q3FY19. The stock was trading at its lowest level since June 27, 2017.
The company’s consolidated revenues (net of taxes and pass-through component sale) was down 22 per cent y-o-y at Rs 176 crore, mainly due to delays in government tenders. Its operating profit margins stood 16 per cent at Rs 28.17 crore as against 20.8 per cent in the same quarter previous year.
| COMPANY | LATEST | ALL TIME LOW | PREV LOW | PREV DATE |
| ADLABS ENTERT. | 8.85 | 8.80 | 8.85 | 06-Dec-18 |
| AMBER ENTERP. | 685.25 | 672.05 | 712.15 | 01-Feb-19 |
| BALLARPUR INDS. | 3.23 | 3.10 | 3.10 | 28-Jan-19 |
| BHARAT DYNAMICS | 254.25 | 252.30 | 255.00 | 29-Jan-19 |
| BOMBAY RAYON | 7.78 | 7.68 | 7.80 | 31-Jan-19 |
| DISHMAN CARBOGEN | 199.55 | 197.30 | 201.85 | 29-Jan-19 |
| HIND.AERONAUTICS | 692.15 | 690.00 | 706.70 | 01-Feb-19 |
| IL&FS TRANSPORT | 6.84 | 6.84 | 7.04 | 01-Feb-19 |
| INOX WIND | 65.70 | 65.00 | 66.00 | 28-Jan-19 |
| JP ASSOCIATES | 5.98 | 5.10 | 5.30 | 02-Jun-16 |
| KHADIM INDIA | 447.30 | 436.65 | 441.10 | 31-Jan-19 |
| MANPASAND BEVER. | 67.90 | 63.75 | 72.15 | 29-Jan-19 |
| ORIENT GREEN | 4.61 | 4.61 | 4.68 | 29-Jan-19 |
| PRABHAT DAIRY | 50.80 | 50.80 | 56.00 | 01-Feb-19 |
| PRECISION CAMSHF | 54.25 | 54.25 | 54.65 | 01-Oct-18 |
| PUNJ LLOYD | 2.30 | 2.30 | 2.42 | 01-Feb-19 |
| REL. COMM. | 7.66 | 6.00 | 9.55 | 29-Oct-18 |
| RELIANCE HOME | 30.55 | 29.50 | 34.15 | 31-Jan-19 |
| RELIANCE NAV.ENG | 10.19 | 10.07 | 11.00 | 10-Oct-18 |
| RELIANCE NIP.LIF | 130.50 | 129.05 | 135.00 | 01-Feb-19 |
| RELIANCE POWER | 18.05 | 17.80 | 23.55 | 09-Oct-18 |
| RELIGARE ENTERP. | 17.95 | 17.05 | 20.00 | 01-Feb-19 |
| ROLTA INDIA | 4.63 | 4.63 | 4.87 | 01-Feb-19 |
| SHANKARA BUILD. | 354.60 | 353.75 | 368.25 | 01-Feb-19 |
| SHRIRAM EPC | 9.48 | 8.61 | 9.50 | 01-Oct-18 |
| SINTEX PLASTICS | 19.80 | 19.55 | 20.05 | 30-Jan-19 |
| SNOWMAN LOGISTIC | 29.85 | 29.55 | 30.70 | 01-Feb-19 |
| TATA TELE. MAH. | 3.31 | 3.24 | 3.32 | 01-Feb-19 |
| TEJAS NETWORKS | 151.10 | 142.55 | 158.00 | 01-Feb-19 |
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%