Harsha Engineers receives cautionary letters from BSE, NSE; know why

Harsha Engineers International Ltd on Saturday received cautionary letters from bourses National Stock Exchange (NSE) and BSE over delay in disclosure of the schedule of analysts or institutional investors meet.

"This is in reference to the announcement submitted by the Company on August 20, 2024, regarding the intimation of Schedule of Investors/ Analysts Meet/call to be held on August 21, 2024. As per Regulation 30 read with sub-para 15(a) of Para A of Part A of Schedule III of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Sebi LODR), the listed entities are required to disclose the schedule of analysts or institutional investors meet at least two working days in advance (excluding the date of the intimation and the date of the meet)," the company stated in an exchange filing.

"In the above case, the exchange has observed that the aforesaid intimation was not submitted within the prescribed timelines of two working days in advance as per sub-para 15(a) of Para A of Part A of Schedule III of Sebi LODR. The aforesaid non-compliance on your part is viewed seriously. You are hereby advised to be cautious in future, exercise due diligence and initiate corrective steps to avoid recurrence of such lapses so as to ensure due compliance with the applicable provisions of Sebi LODR and related Sebi circulars. Any aberration in future will be viewed seriously and appropriate action would be initiated. The company is required to disseminate a copy of this Cautionary email on the Stock Exchanges where they are listed," it added.

"Additionally, the company is advised to place before their Board of Directors this Cautionary email and the corrective measures taken by the Company to avoid recurrence of such lapses in future," the firm also said.

On the stock-specific front, Harsha Engineers settled 0.15 per cent higher at Rs 373.50 on Friday. At this closing price, the scrip has slipped 25.46 per cent on a year-to-date (YTD) basis.

On technical setup, the scrip traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 41.33. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a price-to-equity (P/E) ratio of 24.32 against a price-to-book (P/B) value of 2.61. Earnings per share (EPS) stood at 15.37 with a return on equity (RoE) of 10.73. According to Trendlyne data, Harsha Engineers has a one-year beta of 1.2, indicating high volatility.

As of December 2024, promoters held a 74.61 per cent stake in the company.