Sugar stocks such as Bajaj Hindustan, Balrampur Chini Mills and EID Parry, Lakshmi Vilas Bank, Power Finance Corporation, S H Kelkar & Co, Somany Ceramics and Vakrangee too hit 52-week lows today. On comparison, the S&P BSE Sensex was up 0.11% at 34,541 at 12:00 pm.
Reliance Naval hit a new low of Rs 18.55, down 18%, extending its past one week’s 22% fall, after the company reported widening of its net loss to Rs 4,087 million in January-March quarter of 2017-18 fiscal year from Rs 1,399 million net loss in the same period of previous financial year. For the full year 2017-18, it posted a net loss of Rs 9,561 million as compared to a loss of Rs 5,234 million in previous year.
Auditors of Anil Ambani-led Reliance Naval and Engineering have raised doubts about the company's ability to "continue as a going concern".
In its notes to the company's 2017-18 earnings statement, auditors Pathak H.D. & Associates listed cash losses, erosion of network, loans being called back by secured lenders, current liabilities being substantially higher than assets and winding up petitions being filed by few operating creditors to raise its doubts, the PTI report suggested. CLICK HERE TO READ FULL REPORT
Meanwhile, the National Stock Exchange (NSE) on circular dated April 25 said that Reliance Naval and Engineering shall be excluded from equity derivatives (future & options) segment with effect from June 1, 2018.
Bharti Infratel on Wednesday announced the merger of Indus Towers through a share issuance to the principal shareholders. Indus Towers is currently jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%).
Idea Cellular has been given an option to cash out its entire stake based on a valuation formula linked to VWAP (Volume-Weighted Average Price) of Bharti Infratel shares during 60 days prior to completion of the merger or accepts shares in lieu.
All the proceeds from the sale of the 11.15% stake will be for the benefit of the entity resulting from the merger of Vodafone India and Idea Group, Idea Cellular said in a separate filing.
|COMPANY||LATEST||52 WK LOW||PREV LOW||PREV DATE|
|H D I L||37.65||37.30||38.15||02-Apr-18|
|H P C L||292.75||291.55||297.00||25-Apr-18|
|LAK. VILAS BANK||89.10||88.60||88.85||25-Apr-18|
|S H KELKAR & CO.||234.50||233.25||236.60||31-Aug-17|