Nifty, Sensex May Move in a Range With an Upward Bias - Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex were still on the rise. The major indices suffered a correction. On the NSE, there were 674 advances, 1,108 declines and 337 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
Moody's Investors Service downgraded private lender Yes Bank's foreign-currency issuer rating to 'Ba3' from 'Ba1', which sent the company's stocks plunging nearly 7% on the BSE. Moody's also downgraded the bank's long term foreign and local currency bank deposit ratings to 'Ba3' from 'Ba1', the foreign currency senior unsecured Medium Term Note (MTN) program rating to '(P)Ba3' from '(P)Ba1', and Baseline Credit Assessment (BCA) and adjusted BCA to 'b1' from 'ba2'.
Kalpataru Power Transmission Limited has received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company has disagreed with the bank's position and intends to contest the proceedings vigorously.
Rating agency ICRA has downgraded ratings of NCDs of Peninsula Land Limited to ICRA BB on account of debt servicing ability in the near term being challenged due to lack of collections in one of the company's large sized completed projects due to long delays in receipt of Occupancy Certificate (OC). Additionally, weak economic environment has impacted sales and collections in many of the company's projects.
Oberoi Realty announced that the Income Tax team has left its premises. The normal day-to-day business activities have resumed fully. The company fully co-operated and responded to all clarifications that were sought by the authorities and it does not anticipate the search and seizure operations to have any material or adverse impact on the Company.
ICRA downgraded credit rating of commercial paper of Arvind to [ICRA]A1 from [ICRA]A1+. ICRA has continued to consider combined results of Arvind ltd and Arvind Fashions Ltd as the former had given guarantees for the borrowing of the latter and its subsidiaries prior to demerger. Since the guarantees are now withdrawn, the company will inform the rating agency accordingly.
CG Power and Industrial Solutions is considering selling its non-core assets to deleverage the company and meet its working capital requirements, reported Mint. Along with that, the company is also focusing on reducing its overall direct and overhead costs.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: