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Monday, 31 August 2015
Amtek Auto extends 67% fall this month Mon on default woes
MUMBAI, AUG 31 : Amtek Auto Ltd., the New Delhi based auto component maker, extended its 68% fall this month amid concerns the company will be unable to repay bond holders
Amtek Auto earlier this month clarified it was facing temporary cash flow mismatch owing to drop in its sales and profit margins of the company.
Though the founders of the company have infused Rs 750 million to tide over the cash flow problem with a promise to infuse more funds when required some investors including the JP Morgan Asset Management company have written off their investment in debt of Amtek Auto after rating agencies suspended their rating citing lack of cooperation from the founders of the company.
Two of JP Morgan Mutual Fund's debt schemes, Short Term Income Fund's and India Treasury Fund had to take a hit on their portfolios which had Amtek Auto's debt papers. The schemes had to partially write-down the value of their investments in these schemes.
As a result of this partial write-off, Short Term Income Fund's net asset value (NAV) showed a drop of 3.4% while its India Treasury Fund's NAV showed a drop of 1.7%.
AMFI, the industry trade body and Value Research, a fund industry analytics company, showed that JP Morgan MF had a combined exposure of Rs 2 billion in Amtek Auto's debt papers.
Amtek Auto debt earlier this year was rated AA- by Care Ratings. However, earlier this month Care suspended its coverage of the company saying the company was not sharing information crucial for its continuing ratings opinion.
Bond holders of Castex Technologies Ltd, the overseas unit of Amtek Auto's, are planning to sue the company alleging manipulation of the stock price, Mint newspaper reported earlier this month.
At 11:55AM, Amtek Auto slipped 2.3% to Rs 51.95 on the Mumbai stock exchange extending its 67% drop earlier this month. The 30-share Sensex index rose 0.03% to 26,400.22. The index has fallen 6.12% this month.
Guntur: Red Chilli Trading Steady in Physical Market
At Guntur market , Red Chilli NCDEX Quality is trading at Rs. 9300-9500 per quintal, unchanged as compared to previous close. Total arrivals are at 35000 Bags, up by 5000 Bags as against previous day. Red Chilli 334 is offered at Rs. 9500-9900 per quintal, steady against previous close. Red Chilli Teja at Guntur market is quoted at Rs. 10200-10800 per quintal, unchanged as compared to previous close. Red Chilli No.273 at Guntur market is offered at Rs. 9700-10200 per quintal, steady as against previous close. Red Chilli No.5 at Guntur market is trading at Rs. 9700-10200 per quintal, unchanged from previous close. Red Chilli Fatki at Guntur market is quoted high at Rs. 7200-8200 per quintal, up by 2.5 per cent as compared to previous day. Red Chilli in Guntur Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Guntur Red Chilli NCDEX Quality 9300-9500 0 Guntur Red Chilli 334 9500-9900 0 Guntur Red Chilli Teja 10200-10800 0 Guntur Red Chilli No.273 9700-10200 0 Guntur Red Chilli No.5 9700-10200 0 Guntur Red Chilli Fatki 7200-8200 +200 At Guntur market , Red Chilli Byadgi is trading at Rs. 9000-9500 per quintal, unchanged as compared to previous close. Red Chilli US 341 is offered at Rs. 9800-10300 per quintal, steady against previous close. Red Chilli Denvor Delux at Guntur market is quoted at Rs. 9500-9800 per quintal, unchanged as compared to previous close. Red Chilli in Guntur Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Guntur Red Chilli Byadgi 9000-9500 0 Guntur Red Chilli US 341 9800-10300 0 Guntur Red Chilli Denvor Delux 9500-9800 0 nnbsp;
Turmeric in Physical Market Trading Weak in Duggirala
At Duggirala market , Turmeric Bulb is trading lower at Rs. 4700-7200 per quintal, lower by 1.38 per cent from previous dayn#39;s price level. Total arrivals are at 306 quintals, up by 126 quintals as compared to previous day. Turmeric Finger is offered weak at Rs. 4700-7200 per quintal, down by 1.38 per cent from previous price level. unchanged as compared to previous dayn#39;s arrival. Turmeric in Duggirala Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Duggirala Turmeric Bulb 4700-7200 -101 Duggirala Turmeric Finger 4700-7200 -101 nnbsp; Note: The above mentioned prices are in Rs. per quintal and arrivals are in quintals.
Mentha Oil in Bareilly Physical Market Firm
At Bareilly market , Mentha Oil is trading strong at Rs. 995 per Kg, up by 0.51 per cent as against previous day. Estimated market supply was at 1 Drums(1-drum-180kg), unchanged as compared to previous dayn#39;s arrival. Mentha Oil in Bareilly Market (Prices in Rs. per Kg) Market Commodity/Variety Price Change Absolute Bareilly Mentha Oil 995 +5 Note: The above mentioned prices are in Rs. per Kg and arrivals are in Drums(1-drum-180kg).
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