BSE500 index hits 52-week low

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Photo: Kamlesh Pednekar)
The S&P BSE 500 index hit a 52-week low of 13,409, down 1.3% on the BSE on Tuesday after a sharp decline in consumer discretionary goods & services, infrastructure, information technology (IT), cement, pharmaceutical and financial sector stocks. The index has fallen below its previous low of 13,453.81 touched on October 11, 2018, in intra-day trade.

With today’s decline, the S&P BSE 500 index has fallen 16% from its all-time high level of 15,938 recorded on September 3, 2018, as the cement, paints and auto ancillaries companies reported a weak set of numbers for the quarter ended September.

Total 65 stocks from the index, including Tata Motors, UltraTech Cement, Shree Cement, Piramal Enterprises, Grasim Industries, Container Corporation and Bharat Forge were hitting their respective 52-week lows on Tuesday.

Kansai Nerolac Paints, Dilip Buildcon, Just Dial, PC Jeweller, Hexaware Technologies, Sadbhav Engineering, Zensar Technologies, Sonata Software, Asian Paints, NLC India, Biocon, Apollo Tyres, Greaves Cotton and Aegis Logistics have fallen more than 6% each today.

Shares of paint companies lost sheen, by falling up to 12% for the second day in a row after Asian Paints and Kansai Nerolac Paints reported a weak set of numbers for the quarter ended September 2018 (Q2FY19).

Asian Paints slipped 7% to Rs 1,120 after the company reported a 3.8% year-on-year (Y-o-Y) decline in its consolidated net profit at Rs 5.06 billion in Q2FY19, due to higher input costs and lower volume growth. The company’s consolidated revenue from operations grew 8.5% to Rs 46.39 billion on Y-o-Y basis.

“The decorative paints business segment in India registered a low double-digit volume growth. Raw material prices continued to move up further, which has led us to take a price increase from October 2018,” said K.B.S. Anand, managing director and CEO of Asian Paints. The company has also seen a growth in automotive and industrial coatings.

Kansai Nerolac Paints hit a fresh 52-week low of Rs 343, down 12%, extending its Monday’s 6% fall; after the company posted a 15.6% Y-o-Y decline in its net profit at Rs 1.22 billion in Q2FY19. Net sales of the company, however, grew 10.7% Y-o-Y at Rs 12.86 billion during the quarter. EBIDTA (earnings before interest, tax, depreciation, and amortization) was Rs 1.95 billion down by 11.9% over the same quarter of the previous year.

The company said factors like GST rate changes in July leading to destocking by dealers, lingering monsoons over many parts of India and a delayed festival season affected demand for both decorative and industrial customers. The company expects the growth momentum to be good in decorative but subdued for industrial in the near future. It is hoped that the rupee and crude oil will stabilize at the current levels. Any adverse change will put further pressure on margins.

UltraTech Cement, Shree Cement, India Cements, Dalmia Bharat and Ramco Cement from the cement sector hit 52-week lows after ACC and UltraTech Cement reported a weak set of numbers.

UltraTech Cement dipped 6% to Rs 3,264, extending its past three days 7.5% decline on the BSE. The cement major reported 11% Y-o-Y decline in its consolidated net profit at Rs 3.76 billion in September quarter (Q2FY19), due to higher operating cost.

“Domestic sales volumes jumped 21% over Q2FY18. However, rising energy and logistics cost coupled with rupee depreciation resulted in cost increasing by 14% as compared to Q2FY18, bringing down profits as compared to the previous year,” UltraTech Cement said in a statement.

COMPANY LATEST 52 WK LOW PREV LOW PREV DATE
8K MILES 96.10 96.10 101.15 22-Oct-18
ADITYA BIRLA CAP 98.45 98.35 99.65 22-Oct-18
AKZO NOBEL 1537.00 1530.00 1530.00 08-Oct-18
APAR INDS. 561.00 544.00 544.00 08-Oct-18
APOLLO TYRES 193.40 193.20 194.40 08-Oct-18
ASAHI INDIA GLAS 290.00 280.15 282.00 11-Oct-18
BAJAJ CORP 363.00 357.00 373.35 22-Oct-18
BANDHAN BANK 400.20 397.10 401.65 22-Oct-18
BHARAT FORGE 549.35 546.05 551.70 22-Oct-18
BLUE STAR 510.10 510.10 525.60 22-Oct-18
BOMBAY DYEING 95.95 95.95 100.95 22-Oct-18
CANARA BANK 206.15 205.15 209.55 21-Sep-18
CENTURY TEXTILES 721.50 718.25 721.65 09-Oct-18
CG POWER & INDU. 36.55 36.00 36.80 22-Oct-18
CONTAINER CORPN. 562.20 560.90 562.50 09-Oct-18
CRISIL 1358.85 1350.25 1398.05 22-Oct-18
D B CORP 164.80 164.55 165.00 22-Oct-18
DALMIA BHAR. 1963.65 1923.30 1973.65 22-Oct-18
DEWAN HSG. FIN. 190.50 179.00 187.50 22-Oct-18
DILIP BUILDCON 403.45 394.10 427.00 22-Oct-18
DISH TV 42.80 42.25 42.85 22-Oct-18
ESSEL PROPACK 88.30 87.00 88.55 22-Oct-18
GE T&D INDIA 233.00 228.95 230.10 01-Oct-18
GIC HOUSING FIN 215.00 214.45 214.75 19-Oct-18
GRASIM INDS 830.85 828.20 855.10 22-Oct-18
GREENPLY INDS. 116.50 110.00 114.00 22-Oct-18
GULF OIL LUBRIC. 706.00 695.60 697.10 22-Oct-18
HERITAGE FOODS 451.00 449.00 451.85 22-Oct-18
HIND.AERONAUTICS 752.60 751.95 757.00 11-Oct-18
I D F C 35.50 35.35 35.55 09-Oct-18
IL&FS TRANSPORT 19.60 17.80 18.70 22-Oct-18
INDIA CEMENTS 82.90 82.65 86.35 22-Oct-18
INDIAN BANK 212.30 211.50 216.40 22-Oct-18
INFIBEAM AVENUES 36.90 34.20 37.90 22-Oct-18
JM FINANCIAL 68.65 68.50 68.65 08-Oct-18
KAJARIA CERAMICS 319.30 318.25 325.00 22-Oct-18
KALPATARU POWER 288.25 287.50 292.00 11-Oct-18
KANSAI NEROLAC 356.60 343.40 378.15 22-Oct-18
KEI INDS. 250.70 248.40 253.50 22-Oct-18
KWALITY 8.42 8.42 8.86 22-Oct-18
LAURUS LABS 375.00 375.00 376.25 22-Oct-18
MAGMA FINCORP 96.10 94.45 94.95 22-Oct-18
MANPASAND BEVER. 88.20 88.20 91.05 22-Oct-18
MAX INDIA 66.50 65.00 65.05 11-Oct-18
MOTIL.OSWAL.FIN. 592.65 586.55 601.50 19-Oct-18
NAVNEET EDUCAT. 101.50 99.85 100.95 11-Oct-18
PC JEWELLER 49.90 48.30 52.65 04-Oct-18
PIRAMAL ENTERP. 1891.05 1850.00 1860.00 19-Oct-18
QUESS CORP 721.50 698.75 700.00 09-Oct-18
RBL BANK 454.50 438.80 443.00 08-Mar-18
S H KELKAR & CO. 190.05 185.90 191.20 22-Oct-18
SCHAEFFLER INDIA 4785.15 4599.00 4845.45 24-Oct-17
SHREE CEMENT 13820.95 13750.00 14200.15 22-Oct-18
SOLAR INDS. 951.55 950.20 955.70 19-Oct-18
SUNTECK REALTY 306.65 295.65 305.90 22-Oct-18
TAKE SOLUTIONS 145.70 145.15 149.10 23-Mar-18
TATA COMM 456.00 439.85 443.25 19-Oct-18
TATA INV.CORPN. 670.30 668.00 675.00 22-Oct-18
TATA MOTORS 172.50 169.80 170.00 22-Oct-18
TATA MOTORS-DVR 94.85 91.00 92.45 22-Oct-18
THE RAMCO CEMENT 552.75 546.30 562.55 19-Oct-18
TIME TECHNOPLAST 115.00 114.90 115.65 27-Jun-18
UJJIVAN FIN.SER. 214.50 212.60 221.10 22-Oct-18
ULTRATECH CEM. 3315.00 3263.70 3455.00 22-Oct-18
UNION BANK (I) 61.70 61.45 62.50 22-Oct-18
WOCKHARDT 456.60 452.50 467.00 22-Oct-18


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