Kanoria Chemicals Faces Financial Struggles Amidst Significant Stock Volatility
Kanoria Chemicals & Industries has experienced significant volatility, hitting a new 52-week low of Rs. 75 today. The stock has underperformed its sector by 4.59% and has seen a consecutive decline over the past six days, resulting in a total drop of 12.79%. Intraday trading revealed a low of Rs. 75, reflecting a decrease of 3.85% for the day.In terms of moving averages, Kanoria Chemicals is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a bearish trend. Over the past year, the stock has declined by 31.17%, contrasting sharply with the Sensex, which has gained 3.05% during the same period.
The company's financial health raises concerns, with operating losses reported and a high debt-to-EBITDA ratio of 9.12 times. Recent quarterly results showed a significant drop in profit after tax, falling to Rs. -16.67 crore, a decline of 37.6% compared to the previous four-quarter average. Additionally, 29.57% of promoter shares are pledged, which could exert further downward pressure on the stock in a declining market.
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