Cox and Kings falls on defaulting on payment of commercial papers

28 Jun 2019

Cox & Kings (India) is currently trading at its lower circuit of Rs. 36.45, down by 4.05 points or 10.00% from its previous closing of Rs. 40.50 on the BSE.

The scrip opened at Rs. 36.45 and has touched a high and low of Rs. 36.45 and Rs. 36.45 respectively. So far 43654 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 211.90 on 31-Oct-2018 and a 52 week low of Rs. 36.45 on 28-Jun-2019.

Last one week high and low of the scrip stood at Rs. 60.60 and Rs. 36.45 respectively. The current market cap of the company is Rs. 643.58 crore.

The promoters holding in the company stood at 49.80%, while Institutions and Non-Institutions held 40.45% and 9.75% respectively.

Cox and Kings has defaulted on the payment of commercial papers (CP) due to cash flow mismatch and a situation exacerbated by rating downgrade. The company was required to pay Rs 200 crore, however, Cox & Kings was able to pay only Rs 50 crore and defaulted on Rs 150 crore. However, the company is working towards plans to make good its obligations.

Cox and Kings is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, foreign exchange and insurance.

Related Cox & Kings Ltd. Links:

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323