Future Consumer slides over 11% in five days

Future Consumer fell 3.03% to Rs 27.20, extending recent losses on steep selling pressure.

Shares of Future Consumer tanked 11.25% in five trading sessions to its current market price of Rs 27.20, from a recent closing high of Rs 30.65 on 23 September 2019.

Future Consumer announced that its wholly-owned subsidiary, FCL Tradevest, has entered into definitive agreement acquiring 50% stake in Genoa Rice Mills from joint venture (JV) partner. Genoa has now become a wholly owned subsidiary of FCL Tradevest and consequently step down subsidiary of the company.

FCL Tradevest and Genoa has entered into a termination agreement on 27 September 2019, to which the joint venture agreement stands terminated. The announcement was made after trading hours on Friday, 27 September 2019.

During market hours on Friday, 27 September 2019, CRISIL Rating Agency had put a 'CRISIL A1' rating on the company's commercial papers worth Rs 100 crore.

Meanwhile, the S&P BSE Sensex was down 293 points or 0.75% to 38,529.61.

On the BSE, 29,457 shares were traded in the counter so far compared with average daily volumes of 1.44 lakh shares in the past two weeks. The stock hit an intraday high of Rs 28.35 and an intraday low of Rs 27.05 so far during the day.

The stock hit a 52-week high of Rs 52.65 on 14 November 2018. The stock hit a 52-week low of Rs 24.10 on 6 August 2019.

On a consolidated basis, Future Consumer reported net loss of Rs 14.94 crore in Q1 June 2019 compared with net loss of Rs 5.91 crore in Q1 June 2018. Net sales surged 24.7% to Rs 1,048.45 crore in Q1 June 2019 over Q1 June 2018.

Future Consumer is a food company, which is engaged in branding, marketing, sourcing, manufacturing and distribution of fast moving consumer goods, food and processed food products.

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