Meanwhile, the S&P BSE Sensex was up 30.65 points or 0.16% at 19,576.43.
On BSE, 1.12 lakh shares were traded in the counter as against average daily volume of 1.16 lakh shares in the past two weeks.
The current stock price of Rs 45.20 is also a 52-week low for the counter. The stock hit a high of Rs 47 so far during the day.
The stock had witnessed a steep slide recently. The scrip had tanked 25.23% in five trading sessions to settle at Rs 47.55 on Tuesday, 4 June 2013, from a recent high of Rs 63.60 on 28 May 2013.
CARE has cut the rating on the long-term bank facilities of Rs 299.07 crore as well as that on long-term/short-term bank facilities of Rs 410 crore of Educomp Solutions. The revision in the ratings of Educomp Solution (ESL) takes into consideration the ongoing delays by the company in the servicing of its debt obligations pertaining to the bank facilities on account of a significant deterioration in the company's liquidity position and financial risk profile during the year ended 31 March 2013 (FY 2013), CARE said.
The ratings revision further takes into consideration the weak financial performance of the company during FY 2013 characterized by a decline in the operating income, low PBILDT margins and net loss incurred during the year, CARE added. Going forward, the company has plans to reduce its debt levels and improve its liquidity profile by sale of some more non-core assets, including land parcels and the ability of the company to realize proceeds from the same as envisaged would be a key rating sensitivity, CARE said. Furthermore, the ability to improve its operational performance, maintain its market leadership position amidst a competitive scenario and improvement in the performance of its group companies would remain the key rating sensitivities, CARE said.
Educomp Solutions reported consolidated net loss of Rs 147.93 crore in Q4 March 2013, as against net profit of Rs 61.54 crore in Q4 March 2012. Net sales declined 34.5% to Rs 336.41 crore in Q4 March 2013 over Q4 March 2012.
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Educomp Solutions is a globally diversified education solutions provider and the largest education company in India. Educomp Group reaches out to over 32,000 schools and approximately 20.9 million learners and educators across the world.
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