Nectar Life at new high
Nectar Lifesciences, which had closed yesterday at Rs.44.20, went on today to hit a new 52-week high at Rs.46.35 and continues to trade at Rs.45 levels. Its 20% UC for the day is at Rs.53.
The company announced some time ago that it, along with the lenders, on 21st June’21, have executed the documents with respect to the resolution plan under One Time Restructuring, pursuant to RBI notifications under the 'Resolution Framework for COVID-19 related Stress' and same has been implemented from June 21, 2021.
It was in Nov’20 that its Board of Directors decided to opt for one-time restructuring of its debt.
The company’s total borrowings, including term loans and working capital limits, from Banks aggregated about Rs 741 crore as on March-end 2020, as per its annual report.
The company was hit badly during the first wave of covid and to overcome issues of elongated working capital cycle, the banks provided Covid related short term loans/ facilities. The company opted for Moratorium 1 and Moratorium 2 benefits as announced by the Government/ RBI.
The company has been posting losses consistently for the past couple of quarters.