Future Retail hit a lower circuit of 5% at Rs 100.60 after the company missed a repayment of interest on 5.60% senior secured USD notes due 2025.
Due to the nationwide lockdown imposed to restrict the spread of COVID-19 pandemic, and consequent restricted business operations of the company the liquidity position has been affected, Future Retail said in a statement Wednesday.The company said it is in the process of ensuring that payment of the interest is made within a 30-day grace period.
On the technical front, the stock's RSI (relative strength index) stood at 40.328. 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 moving average (DMA) placed at 105.32 and its 200-day moving average (DMA) placed at 235.60.
Future Retail's consolidated net profit dropped 16.7% to Rs 164.56 crore on a 3.3% decline in net sales to Rs 5,193.19 crore in Q3 December 2019 over Q3 December 2018.
Future Retail is engaged in the business of retailing a range of household and consumer products through departmental store facilities under various formats. The company is primarily engaged in the business of multi-brand retail trade.
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