A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Photo: Reuters)
Shares of Apollo Tyres, GIC Housing Finance, Sun TV Network, Vodafone Idea, BEML, Bharat Electronics, IL&FS Transportation Networks
(ITNL) and Bharti Infratel were among 37 stocks from the S&P BSE
500 index hitting their respective 52-week lows
on the BSE
Shares of all three listed state-owned oil marketing companies (OMCs) – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation – along with aviation companies Jet Airways and InterGlobe Aviation (IndiGo) have hit 52-week lows
due to rising crude oil prices.
Indiabulls Real Estate, Navkar Corporation, Prestige Estates and Shankara Building Products from the real estate and related sector too hit 52-week lows
Of these 37 stocks, ITNL, BEML, Jaiprakash Associates, Jet Airways, Bharat Electronics, and HPCL have seen their market price tanked more than 50% in past one year.
ITNL has slipped 5% to Rs 24.90, extending its 13% decline in the past two days on the BSE.
Rating agency ICRA Sunday downgraded loan and debentures of infrastructure financing firm IL&FS to 'default risk' citing liquidity pressure on the group on the back of sizeable repayment obligations. The rating of IL&FS, which has reportedly defaulted on payment, is kept underrating watch with developing implications. IL&FS is the promoter of ITNL.
hit an intra-day low of Rs 226, falling 23% since August, after the company announced June 2018 quarter results. The company also proposed an investment plan of about Rs 38 billion towards a greenfield plant in Andhra Pradesh to make truck and bus radials (TBRs) and passenger car (PC) tyres.
“The company raised India capex guidance over FY19-FY21E to Rs 55 billion and consolidated capex guidance to Rs 65 billion. Increasing capex intensity along with rising raw material prices is a worry despite strong growth expectations, while a likely improvement in Europe profitability due to the Hungary plant ramp-up provides comfort,” analysts at Equirus Securities said in result update.