United Spirits drops after reporting huge losses in Q4 results

United Spirits shed 0.78% to Rs 2,380.35 at 11:25 IST on BSE after the company reported weak Q4 March 2014 results.

The result was announced before market hours today, 4 September 2014.

Meanwhile, the BSE Sensex was down 114.99 points or 0.42% at 27,025.20.

On BSE, so far 42,954 shares were traded in the counter, compared with an average volume of 1.27 lakh shares in the past one quarter.

The stock hit a high of Rs 2,436.90 and a low of Rs 2,310.05 so far during the day. The stock hit a record high of Rs 2,940.55 on 15 April 2014. The stock hit a 52-week low of Rs 2,200.20 on 2 September 2013.

The large-cap company has an equity capital of Rs 145.33 crore. Face value per share is Rs 10.

United Spirits reported a net loss of Rs 5380.10 crore in Q4 March 2014 compared with net profit of Rs 56.02 crore in Q4 March 2013. Total income from operations rose 3.84% to Rs 1943.34 crore in Q4 March 2014 over Q4 March 2013. The result was announced before market hours today, 4 September 2014.

The company reported a net loss of Rs 5102.82 crore for the year ended 31 March 2014 (FY 2014) compared with net profit of Rs 320.80 crore in the year ended 31 March 2013 (FY 2013). Total income from operations rose 1.58% to Rs 8516.60 crore in FY 2014 over FY 2013.

On consolidated basis, the company reported a net loss of Rs 4489.08 crore in FY 2014, higher than net loss of Rs 101.20 crore in FY 2013. Total income from operations rose 1.11% to Rs 10615.41 crore in FY 2014 over FY 2013.

United Spirits had not submitted financial results for the year ended 31 March 2014 and quarter ended 30 June 2014 as required under the listing agreement. In view of the above the National Stock Exchange (NSE) had on 21 August 2014, decided to exclude the scrip from equity derivatives segment. Thus, fresh month contracts were not introduced for the expiry month November 2014, on the expiration of August 2014 contracts. All existing contracts i.e. contracts with expiry dates 25 September 2014 and 30 October 2014 will expire on 18 September 2014. Accordingly, no futures and options (F&O) contracts will be available in the underlying United Spirits for trading from 19 September 2014 onwards, NSE said.

On 20 August 2014, United Spirits was removed from the benchmark 50-share Nifty Index, CNX Nifty Junior Index, CNX 100 Index, CNX, 200 Index, CNX 500 Index, CNX FMCG Index, CNX Consumption Index, LIX 15 Index and NI15 Index, as part of a periodic review. These changes shall become effective from 19 September 2014.

United Spirits is the largest alcohol beverage company in India.

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