Gold Silver Reports (GSR) – Reliance Naval & Engineering Falls The Most In Over Five Years – Shares of the defence equipment maker fell as much as 19.3 percent to Rs 18.4, the most since July 2012 after company auditors raised doubts over its ability to “continue as a going concern.”
The stock fell eight times in the last nine trading sessions, and entails a relative strength index of 15, indicating that it may be oversold. The stock declined 61 percent so far this year, compared to 1.6 percent gain in Sensex. Auditors of the debt-laden company noted that Reliance Naval’s current liabilities are substantially higher than its assets and winding up petitions being filed by few operating creditors to raise doubts.
Jindal Stainless Falls After Profit Declines In March Quarter
The Delhi-based stainless-steel products maker fell as much as 8.4 percent, the most in over two months, to Rs 93.95 after its net profit fell in March quarter.
✅ Revenue up 38 percent at Rs 3,173 crore.
✅ Net profit down 29 percent at Rs 115 crore.
✅ Ebitda up 24 percent at Rs 388 crore.
✅ Margin at 12.2 percent versus 13.6 percent.
