Cox & Kings locked at lower circuit on payment defaults of Rs 150 cr

The company was required to pay Rs 200 crore, but only paid Rs 50 crore and defaulted on Rs 150 crore

Shares of Cox & Kings was locked at 10 percent lower circuit intraday on June 28 after the company defaulted on the payment of commercial papers due to cash flow mismatch.


The share was trading at its new 52-week low of Rs 36.45. There were pending sell orders of 1,695,952 shares, with no buyers available.

Out of the aggregate amount of Rs 200 crore of the unsecured commercial papers, the company paid Rs 50 crore and the balance amount of Rs 150 crore has not been paid.

The company was required to pay Rs 200 crore, but only paid Rs 50 crore and defaulted on Rs 150 crore.

"The company has been meeting its liability obligations. However, due to cash flow mismatch and a situation exacerbated by rating downgrade, the company proposes to meet its financial obligations through a combination of internal accruals and monetization of assets," the company said in its release.

The company is working towards plans to make good its obligations, it added.

At 0928 hrs, Cox & Kings was quoting at Rs 36.45, down Rs 4.05, or 10 percent on the BSE.

Get a 2 days free trial in Stock Market Tips and MCX Tips  

Comments

Post a Comment

Popular posts from this blog

Technical Classroom: How to use Fibonacci Retracement Levels in stock trading

Image
Fibonacci retracement is a method of technical analysis for determining support and resistance levels A Fibonacci retracement is a popular tool among technical traders and is based on some key numbers. The origins of the Fibonacci series can be traced back to the ancient Indian mathematic scripts, with some claims dating back to 200 BC. However – in the 12th century - Leonardo Pisano Bigollo, an Italian mathematician who was known to his friends as Fibonacci, discovered Fibonacci numbers. It is a popular tool that technical traders use to help identify price levels for transactions, stop losses or target prices. These retracement levels also provide support and resistance levels for a stock. However, it really becomes most effective when confirming signals or conditions identified by additional technical analysis tools. Fibonacci Retracement is a method of technical analysis for determining support and resistance levels. It is named after the use of the Fibonacci sequ
Read more

Surprise or disappointment: Check out how top companies have performed in Q1

Image
Experts say that double-digit earnings growth could be seen after the September quarter. Sectors like auto and auto ancillaries, consumer discretionary and FMCG will get affected by demand slowdown. We are in the midst of earnings season with some top names which already announced their June quarter numbers. IT majors Infosys and Tata Consultancy Services along with Tata Motors, Bank of Baroda, Hindustan Unilever, Larsen & Toubro and Zee Entertainment have already announced their Q1 numbers. Bank of Baroda, Bajaj Finserv, Bajaj Finance, Asian Paints and Bharti Infratel posted profit growth while Tata Motors disappointed the Street amid fall in JLR sales. “Given all the growth concerns, expectations have already been beaten down and we expect companies to largely deliver in line with consensus,” Vipin Khare, Director of Research – William O'Neil India, told Moneycontrol. We expect the current quarter to be amongst the worst quarters of the past three years
Read more

Trade Setup for Wednesday: Top 15 things to know before Opening Bell

Image
Rohit Singre of LKP Securities said index formed bullish candle on daily chart suggesting some more upside before expiry. The market rebounded sharply on June 25 after a correction in the previous two consecutive sessions. Overall though it has remained in a 200-point range on the Nifty for the last several sessions. The buying was across sectors with Nifty Metal rising most with 1.7 percent gain followed by PSU Bank (up 1 percent). The BSE Sensex gained 311.98 points to close at 39,434.94 while the Nifty 50 climbed 96.80 points to 11,796.50 and formed bullish candle resembling a Bullish Engulfing kind of pattern on daily charts. "Index has managed to sustain above previous day's high forming Bullish Engulfing candlestick pattern indicating a positive bias to continue towards 11,980-12,070 levels, unless it trades below 11,720 levels," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors told Moneycontrol. He said any decisive
Read more