Bombay Dyeing tumbles after Q4 PAT slumps 95%

Bombay Dyeing & Manufacturing Co. fell 6.64% to Rs 64 after consolidated net profit slumped 95.9% to Rs 48.57 crore on 88.8% drop in net sales to Rs 313.10 crore in Q4 March 2020 over Q4 March 2019.

Consolidated pre-tax loss stood at Rs 171.44 crore in Q4 March 2020 as against a pre-tax profit of Rs 1,200.20 crore in Q4 March 2019. Current tax expenses jumped 36.6% to Rs 10.44 crore in Q4 March 2020 as against Rs 7.64 crore in Q4 March 2019. The Q4 result was declared after trading hours yesterday, 9 June 2020.

On the technical front, the stock's RSI (relative strength index) stood at 67.578. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 50.55 and its 200-day moving average (DMA) placed at 70.17.

Bombay Dyeing & Manufacturing Company is a holding company engaged primarily in the business of real estate development, polyester staple fibre and retail. The company's segments include real estate, polyester and retail/textile.

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