Adani Power, Ajanta Pharma, Castrol India, CRISIL, Federal Bank, Glenmark Pharmaceuticals, IDFC Bank, LIC Housing Finance and Vakrangee from the midcap index hit 52-week lows today.
SpiceJet and Jet Airways from airlines, India Cements, Century Textiles and Industries, Mangalam Cement, Orient Cement, Prism Johnson and Udaipur Cement from cement, Indian Overseas Bank, Oriental Bank of Commerce, Jammu & Kashmir Bank and Syndicate Bank from banking sector, Hindustan Construction Company and Patel Engineering from constructions, Gujarat State Fertilisers & Chemicals (GSFC), Rashtriya Chemicals and Fertilizers (RCF), Mangalore Chemicals & Fertilisers and National Fertilisers from fertiliser sector hit 52-week lows in intra-day today.
Shares of Century Textiles have declined 12% to Rs 935 per share, also their 52-week low on the BSE in intra-day trade, after the company said its board approved demerger of cement biz into UltraTech Cement through a share-swap deal. UltraTech will give Century Textiles shareholders one share for every eight shares held.
Kitex Garments has tanked 19% to Rs 183 after the company reported a sharp 62% year on year decline in its standalone net profit at Rs 103 million in March quarter. Operational revenue fall 26% at Rs 1,312 million over the previous year quarter.
SpiceJet slipped 12% to Rs 92, extending its past three days fall of 8.5% on the BSE after the company reported a lower than expected net profit and operating profit or the EBITDAR in March quarter (Q4FY18), due to higher crude oil prices.
In Q4FY18, the company reported consolidated net profit of Rs 405 million, lowest in last four quarters, against analyst estimate of Rs 723 million. Consolidated revenue up 25% to Rs 20.29 billion from Rs 16.26 billion in the corresponding quarter of previous fiscal.
“In Q4, there was an increase of 12.7 % in crude oil prices that impacted the bottom line by approximately Rs 814 million. The Company registered an 8% increase in yield which helped in maintaining operational profits,” SpiceJet said in a press release.