The rating agency has also reaffirmed rating for the company's proposed commercial paper at BWR A1+.
Future Retail announced after trading hours on Friday, that Brickwork Ratings India's rating for commercial paper (proposed) has been reaffirmed as BWR A1+ and for non-convertible debentures (NCDs) (proposed) has been reaffirmed at BWR AA with change in outlook from stable to negative.Future Retail operates some of India's most popular retail chains that inspires trust through innovative offerings, quality products and affordable prices. Big Bazaar, the company's flagship chain is regularly ranked among the most trusted retail brands in the country. The firm's small store neighborhood retail chains, EasyDay and Heritage Fresh, operates closer home to customers and offers member-customers a range of services.
On a consolidated basis, Future Retail's net profit slipped 6.9% to Rs 165.08 crore on a 9.7% increase in net sales to Rs 5449.06 crore in Q2 September 2019 over Q2 September 2018.
On the technical front, the stock's RSI (relative strength index) stood at 38.31. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day and 200-day moving average (DMA) placed at Rs 358.76 and Rs 413.51, respectively.
Shares of Future Retail ended 0.24% higher at Rs 332.60 on Friday.
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