Kwality

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Debt-ridden dairy firm Kwality on Thursday reported narrowing of its consolidated net loss to Rs 14.52 crore for the September 2020 quarter.

The CBI has registered the case against Kwality and its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava, besides other unidentified persons

On November 2, the CoC had rejected Haldiram Snacks' Rs 142 crore resolution plan

Kwality has a total debt of around Rs 1,900 crore, which means that lenders would have to take a significant haircut

According to sources, Kwality has debt of about 20 billion, of which 80 per cent has gone bad following poor business decisions

Plans to set up second plant in Central India to go pan-India

The stock is locked in lower circuit of 5% at Rs 20.65, falling 75% in past three months, as compared to 5% rise in the S&P BSE Sensex.

The stock dipped 5% to Rs 31.65, extending its 30% fall in past seven trading days on the BSE.

The stock hit a fresh 32-month low of Rs 54.35, tanked 34% in past three trading sessions from Rs 82.15 on March 26, 2018.

The stock continued under pressure for the second day in a row, down 20% at Rs 60.35, trading at its lowest level since July 6, 2015.

Kwality shares have cracked 13% in the last one month and 4% in the last one year

With this, cumulative milk processing capacity of Kwality would reach 4.3 mn litres per day across 6 plants

The stock hit a high of Rs 117.90 and a low of Rs 114.50 so far during the day

The board will meet on June 24 to discuss fund raising plans via term loan, NCDs upto Rs 300 crore

Dairy products player wants to increase share of retail sales to 70% from current 30% of its turnover in three years