Shares of Sical Logistics, a Coffee Day Group company, fell as much as 4.36 per cent to hit an intraday low of Rs 16 on the Bombay Stock Exchange on Monday after the company defaulted in payment of NCDs interest worth Rs 5.5 crore which was due on December 28, due to the prevailing pandemic and insufficient cashflow. The stock has rallied 229 per cent from its 52-week low of Rs 4.95 apiece as on March 26, 2020 to Rs 16.30 as of now. The stock has soared 69 per cent in December so far.
Early today, Sical Logistics shares opened higher at Rs 17.24 against the previous closing price of Rs 16.73 on the Bombay Stock Exchange. During the day's trade, the stock hit an intraday high and low of Rs 17.24 and Rs 16, respectively, before closing at Rs 16.25, down 2.87 per cent. At the end of day's trade, the market cap of the company stood at Rs 95.10 crore. The stock touched its 52-week high of Rs 21.98 on December 15, 2020.
In an exchange filing on Monday, the logistics provider said it has delayed interest payments to non-convertible debentures (NCDs) holders due on December 28, 2020. The company assured that it will take all necessary steps to address the situation and correct the same in due course of time.
"We wish to inform the exchange that the semi-annual interest of Rs.5.50 crore payable on the listed 11 per cent Secured Redeemable Non-convertible Debentures issued on private placement basis to the sole debenture holder falling due on December 28, 2020 will be delayed due to the prevailing COVID-19 pandemic impact and insufficient cashflows," Sical Logistics said in a filing to the BSE.
Earlier this month, private lender YES Bank had sold 15 lakh equity shares, equivalent to 2.56 per cent stake, in Sical Logistics in various tranches.
For the second quarter ended September 30, 2020, Sical Logistics reported net loss for the fourth consecutive quarter at Rs 18.54 crore as against loss of Rs 41.15 crore in the same quarter last year and loss of Rs 25.90 crore during the quarter ended June 30, 2020. Total income declined by 57 per cent to Rs 129.55 crore compared to Rs 301.19 crore in the corresponding period last year.
Sical, which was acquired by Coffee Day group in 2011, is engaged in stevedoring, customs handling, trucking and steamer agency businesses, mining, port logistics, road and rail transport, container freight station, warehousing and shipping. The company is looking to sell its various business units as well the shareholdings held in the subsidiaries to pare debts.