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Shares of Ashok Leyland, Mahindra & Mahindra (M&M), Edelweiss Financial Services, BASF India, Finolex Cables, Natco Pharma and Rallis India were among 39 stocks from the S&P BSE 500 index that hit their respective 52-week lows on the BSE in intra-day trade on Wednesday.
Aditya Birla Capital, CG Power and Industrial Solutions, Cochin Shipyard, Gujarat Pipavav Port, Jain Irrigation Systems, Philips Carbon Black, Uflex and TV Today Network too hit 52-week lows today.
CG Power and Industrial Solutions was the largest loser among the pack, falling 25 per cent to Rs 25.35 on the BSE in intra-day trade, after the company reported a consolidated net loss of Rs 150 crore in December 2018 quarter (Q3FY19). The performance impacted mainly on account of an exceptional loss of Rs 117 crore. The Gautam Thapar-led Avantha Group company had posted a loss of Rs 28 crore in the year-ago quarter.
For the quarter ended December 31, 2018, includes foreign exchange loss of Rs 22.64 crore, gain on curtailment of gratuity liability due to change in scheme of Rs 14 crore, provision for certain receivables of Rs 108 crore where the management believes that the recoveries are uncertain.
Meanwhile, the board of directors of the company at its meeting held on Tuesday, February 12, 2019, approved a part settlement of outstanding loans against 50 per cent of brand loyalty payable by the company in perpetuity aggregating to Rs 411 crore, and accepted re-schedulement of the balance loan to be settled by May 2019. Consequently, the company’s liability towards brand royalty stands reduced to 0.50 per cent from the contracted royalty of 1 per cent of its consolidated revenue.
Aditya Birla Capital, CG Power and Industrial Solutions, Cochin Shipyard, Gujarat Pipavav Port, Jain Irrigation Systems, Philips Carbon Black, Uflex and TV Today Network too hit 52-week lows today.
CG Power and Industrial Solutions was the largest loser among the pack, falling 25 per cent to Rs 25.35 on the BSE in intra-day trade, after the company reported a consolidated net loss of Rs 150 crore in December 2018 quarter (Q3FY19). The performance impacted mainly on account of an exceptional loss of Rs 117 crore. The Gautam Thapar-led Avantha Group company had posted a loss of Rs 28 crore in the year-ago quarter.
For the quarter ended December 31, 2018, includes foreign exchange loss of Rs 22.64 crore, gain on curtailment of gratuity liability due to change in scheme of Rs 14 crore, provision for certain receivables of Rs 108 crore where the management believes that the recoveries are uncertain.
Meanwhile, the board of directors of the company at its meeting held on Tuesday, February 12, 2019, approved a part settlement of outstanding loans against 50 per cent of brand loyalty payable by the company in perpetuity aggregating to Rs 411 crore, and accepted re-schedulement of the balance loan to be settled by May 2019. Consequently, the company’s liability towards brand royalty stands reduced to 0.50 per cent from the contracted royalty of 1 per cent of its consolidated revenue.
