 "Hindalco, Hindustan Zinc, Just Dial, Amtek Auto, Kaveri Seed hit 52-week lows")
Hindalco Industries, Just Dial, Amtek Auto, Kaveri Seed Company, NTPC and NMDC are among 16 stocks from the BSE-500 index to touch their respective 52-week lows today.
Oil and Natural Gas Corporation (ONGC), Tata Motors, Lanco Infratech, Hindustan Zinc, Essar Ports, Clariant Chemicals and CCL International also hit 52-week lows in intra-day trades.
Kaveri Seed Company, which touched a 52-week low of Rs 481 on the BSE, is now down 7% to Rs 489. The stock of agricultural products manufacturer has tanked by 35% in the past eight trading sessions from Rs 756 on August 7, 2015.
The company had reported a 5% year-on-year (Y-o-Y) decline in its consolidated net profit at Rs 218 crore for the quarter ended June 30, 2015 (Q1FY16) due to poor sales. Net sales declined by 19.7% at Rs 664 crore on a Y-o-Y basis.
The management highlighted that growth was impacted by lower cotton acreage in key Kaveri-dominated markets such as AP and Karnataka; the management’s decision to not participate in credit markets (due to expectation of a drought and associated bad debts in case of a poor monsoon), which resulted in loss of market share from 50% to 30% in key credit markets such as Telangana; and a Rs 100 price cut in Maharashtra, which resulted in Kaveri withdrawing from that market post-government regulation, analysts at Motilal Oswal research said in a report.
Amtek Auto has tanked 15% to Rs 110, also its 52-week low on the BSE. Shares of the auto parts and equipment maker plunged 26% in three trading sessions from Rs 149 on August 14, after the company reported a net loss of Rs 158 crore for Q1FY16 against a profit of Rs 86 crore in the same quarter a year ago.
Metalyst Forgings (down 6% at Rs 84), Hindustan Zinc (down 4% at Rs 141) and Hindalco Industries (down 3.2% at Rs 86) are down more than 3% each on the BSE.
Tata Motors (Rs 344) and ONGC (Rs 257) have rebounded into the green after touching 52-week lows in early morning trades.
Oil and Natural Gas Corporation (ONGC), Tata Motors, Lanco Infratech, Hindustan Zinc, Essar Ports, Clariant Chemicals and CCL International also hit 52-week lows in intra-day trades.
Kaveri Seed Company, which touched a 52-week low of Rs 481 on the BSE, is now down 7% to Rs 489. The stock of agricultural products manufacturer has tanked by 35% in the past eight trading sessions from Rs 756 on August 7, 2015.
The company had reported a 5% year-on-year (Y-o-Y) decline in its consolidated net profit at Rs 218 crore for the quarter ended June 30, 2015 (Q1FY16) due to poor sales. Net sales declined by 19.7% at Rs 664 crore on a Y-o-Y basis.
The management highlighted that growth was impacted by lower cotton acreage in key Kaveri-dominated markets such as AP and Karnataka; the management’s decision to not participate in credit markets (due to expectation of a drought and associated bad debts in case of a poor monsoon), which resulted in loss of market share from 50% to 30% in key credit markets such as Telangana; and a Rs 100 price cut in Maharashtra, which resulted in Kaveri withdrawing from that market post-government regulation, analysts at Motilal Oswal research said in a report.
Amtek Auto has tanked 15% to Rs 110, also its 52-week low on the BSE. Shares of the auto parts and equipment maker plunged 26% in three trading sessions from Rs 149 on August 14, after the company reported a net loss of Rs 158 crore for Q1FY16 against a profit of Rs 86 crore in the same quarter a year ago.
Metalyst Forgings (down 6% at Rs 84), Hindustan Zinc (down 4% at Rs 141) and Hindalco Industries (down 3.2% at Rs 86) are down more than 3% each on the BSE.
Tata Motors (Rs 344) and ONGC (Rs 257) have rebounded into the green after touching 52-week lows in early morning trades.