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Mandhana Industries falls 20% for second straight day

The stock has hit its 52-week low and has fallen 36% in past two trading sessions.

SI Reporter  |  Mumbai 

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (pic: Reuters)
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (pic: Reuters)

Mandhana Industries is locked in lower circuit for second straight day, down 20% at Rs 178 on the BSE, with no buyers seen on the counter. The stock is currently trading at its 52-week low, and has fallen 36% in past two trading sessions from Rs 278 on June 17.

Till 10:29 AM, a combined 29,506 shares changed hands on the counter and there were pending sell orders for 1.53 million shares on the BSE and NSE.

Mandhana Industries on June 14, 2016 informed BSE that CARE has revised its ratings for non-convertible debentures, long term and short term banking facilities and it stands at BBB+, CARE A3 and CARE BBB+, respectively.

“The revision in the ratings assigned to the bank facilities and debt instruments of Mandhana Industries takes into account its stretched working capital cycle on account of elongation in its receivables position,” CARE said in a release. LINK

The company had reported 9% year on year (YoY) decline in its standalone net profit at Rs 57 crore for the financial year 2015-16 (FY16), due to higher finance cost. It had profit of Rs 63 crore in FY15. The finance cost of the company in FY16 rose 21% at Rs 117 crore on YoY basis.

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First Published: Tue, June 21 2016. 10:38 IST