Relicab Cable Manufacturing Faces Financial Struggles Amid Significant Stock Volatility
Relicab Cable Manufacturing has experienced significant volatility today, hitting a new 52-week low of Rs. 46.5. The stock has underperformed its sector by 4.44%, continuing a downward trend with a three-day consecutive decline totaling 4.4%. Opening with a loss of 2.95%, it reached an intraday low of Rs. 46.5, reflecting a drop of 6.57% during the trading session.In terms of performance metrics, Relicab's one-year performance stands at a stark -47.15%, contrasting sharply with the Sensex's gain of 6.32% over the same period. The company's financial health appears concerning, with a weak EBIT to Interest ratio of 1.50, indicating challenges in servicing its debt. Recent quarterly results show a decline in net sales by 11.73%, with PBDIT and profit before tax also at their lowest levels.
Technically, the stock is in a bearish range, with deteriorating trends indicated by various technical indicators. Additionally, a high percentage of promoter shares—99.94%—are pledged, which may exert further downward pressure on the stock in a declining market.
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