2021-09-03 06:08:12
· CRISIL revises HT Media's rating outlook to 'Negative'; reaffirms ratings. The short-term rating on the commercial paper programme has also been reaffirmed at ‘CRISIL A1+’. - Avoid
· Delta Corp - After a long hiatus, the Goa Investment Promotion Board which met on Wednesday cleared several projects including the CMM Logistics Park and the Entertainment City by Delta Corp at Dhargal.- Positive
· Birlasoft Achieves Service Expertise in JD Edwards and Oracle E-Business Suite – Positive
· Adani Ports and SEZ handles 23.32 MMT cargo, up 21% YoY at its ports during Aug 2021 – Positive
· Adani Green raised $750 million to fully fund its equity needs for its under construction pipeline as it continued to ramp up focus on ESG. Funds will be used for equity portion of capex for under construction projects – Avoid on account of poor balance sheet.
· Vakrangee has renewed its agreement with the Indian Bank Ltd. to provide BC banking and end-to-end financial inclusion services for pan India at Vakrangee Kendra outlets. Vakrangee has over 13,000 Banking BC points and is the fourth largest ATM operator in rural India with over 5,400 ATMs - Avoid
· ABB Power change name to Hitachi Energy India
· Yes Bank Asset Recast Firm Said to Draw Investor Interest: Mint - Indian lender has received interest from entities including Brookfield Asset Management, Ares SSG, Oaktree Capital Management and JC Flower, Mint newspaper reported. The bank will shortlist potential investors who will be then asked to submit initial bids. Last month Yes Bank invited expressions of interest to set up the asset reconstruction company and has hired EY as the process adviser: paper.
· Globus Spirits announced that the operations at the company's plant located in Dist:Vaishali, Bihar have been temporarily disrupted owing to flooding and water logging at the factory premises caused by heavy rains since 15th August 2021. – Any sharp decline will be buying opportunity.
· Auto Stocks in Reverse Gear concern over chip shortage…- Auto stocks like Maruti, M&M and Tata Motors are witnessing profit booking in concern of chip shortage. M&M will observe around 7 days of ‘No Production Days’ in its automotive division plants in September, which could lower its output for the month by 20%-25. Supply shortages of semiconductors got further accentuated due to Covid lockdowns in some parts of the World. India's biggest car maker Maruti Suzuki said on Tuesday that its vehicle production in September will tumble by 60 per cent due to a chip shortage.
· Consumers Goods Stocks shines ahead of Festival demand … Positive for Voltas, Whirpool, Blue Star, IFB Industries, Havell’s - Consumer Durable stocks are witnessing smart rally today on hope of improve demand ahead of festival sessions. Market hope that the demand will be back on account of fall in pandemic cases and increased vaccination progress. Prospects of the Indian economy look brighter, with consumer goods companies, including appliance, apparel and other household goods makers, expecting festive season sales to exceed pre-pandemic levels.
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