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Adani group Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Fitch Ratings says there is no immediate impact on the ratings of the Fitch-rated Adani entities and their securities following the Hindenburg Research report alleging malpractices at India’s Adani group, and expects no material changes to its forecast cash flow. There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all other entities – reducing refinancing risks and near-term liquidity risks. “Our ongoing monitoring will be looking closely at any major changes to the rated entities’ access to financing or cost of financing on a long-term basis, … [Read more...] about No immediate impact on Adani entities’ credit profiles from Hindenburg report: Fitch Ratings

Bank of England, London (File image: Reuters) The Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank’s monetary policy committee voted 7-2 to push its key rate to 4%, approving the 10th consecutive rate increase since a post-pandemic surge in the world economy and Russia’s war in Ukraine drove inflation to 40-year highs. Economists suggest this may be the last big rate increase for Britain’s central bank as inflation begins to slow. “The extent to which domestic inflationary pressures ease will depend on the evolution of the economy, including the impact of the significant increases in Bank Rate so far,” the bank said in a statement. “There are considerable uncertainties around the outlook.” The U.S. Federal Reserve has already started tapering its response, boosting its key rate by just a … [Read more...] about Bank of England hikes rates by half-point to tame inflation

Representative image. Banks are likely to raise interest rates on Fixed Deposits (FD) because of impending competition from a new savings scheme announced in Budget 2023 that offers an annual rate of 7.5 percent, experts said. The Mahila Samman Savings Certificate will provide a competitive interest rate of 7.5 percent on deposits maturing after two years. Experts said banks will have to keep a check on how this plays out for them and work on their FD rates. “Banks are playing smart by providing high interest rates for selective tenures, which has partially worked out for them. But they are likely to work on hiking interest rates for FDs,” said Chandan Sinha, former executive director of the Reserve Bank of India. Other than the new scheme, experts said banks may see some competition for deposits in the coming months from the existing Senior Citizen Savings Scheme and Monthly Income Account Scheme that saw an enhancement in deposit limits from Budget 2023 . “The … [Read more...] about Banks likely to hike FD rates in line with new savings scheme in budget 2023, experts say

Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 per litre. In Mumbai, petrol is being sold for Rs 106.31 a litre and diesel for Rs 94.27 a litre Petrol and diesel prices held steady across metro cities on February 3, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively. The Union Budget for 2023-24 announced investment of Rs 30,000 crore to state-owned fuel retailers to make up for the massive losses they ran because of holding petrol and diesel prices despite rise in cost in a bid to help the government contain inflation. Finance Minister Nirmala Sitharaman has allocated the money under the head "capital support to oil marketing companies". It offered no explanation why the … [Read more...] about Fuel Prices on February 3: Check petrol, diesel rates in Delhi, Mumbai and other cities

The NFO for Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Short Duration Index Fund opened on January 27. The Reserve Bank of India (RBI) on February 3 set a coupn rate of 7.26 percent for the new 10-year benchmark government bond maturing in 2033, raising Rs 12,000 crore. The coupon set on the new benchmark bond is similar to the coupon set on the previous 10-year benchmark bond. “This could be due to easing yields on the bonds after the budget,” said a dealer with a state-owned bank who spoke on condition of anonymity. Also read: Government bond yield eases post expected market borrowing figures The 10-year benchmark government bond is the pricing benchmark for the sovereign bond yield curve and is usually the most liquid paper in the secondary market for government debt. Read More Government bonds are the pricing reference for a vast variety of credit products in the economy, including corporate debt. Prior to this auction, the RBI has set 12 paise … [Read more...] about RBI sets 7.26% coupon rate for new 10-year benchmark government bond

PHOTO: Flickr/USAID in Africa More than 55 countries have fewer than 10% of their populations vaccinated against Covid-19, the result of vaccine inequity that has yet to be adequately addressed. The Covax programme, created to ensure equity in global vaccine distribution, has been hit by production delays, export bans, and rich countries protecting their own first, according to a Nation Thailand report. Bruce Aylward from the World Health Organisation says wealthier nations that already have enough vaccines must donate more doses and sooner. “Manufacturers are making a choice not to ship to Covax, and high-income countries are making a choice not to get sufficient doses into these places fast enough. There’s no way to sugar-coat it.” According to data from the United Nations, around 61% of people in wealthy nations are vaccinated, compared with just 4% in low-income countries. The slow pace of vaccination is a concern for health experts, who say it will prolong the pandemic, … [Read more...] about Vaccine inequity means inoculation rate is still below 10% in over 55 countries

Share to Twitter Share to Linkedin Topline Despite waves of layoffs hitting some of the nation’s largest employers, the unemployment rate unexpectedly fell, and the labor market added back more jobs than expected in January—adding to signs the economy may not be slowing down enough enough for the Federal Reserve to back away from its aggressive campaign to tame rising prices. Key Facts Total employment increased by 517,000 in January—significantly more than the 187,000 new jobs economists were expecting, according to data released Friday by the Labor Department. Despite growing announcements of corporate layoffs last month, the unemployment rate fell to 3.4%—coming in below expectations for it to tick up to 3.6% and instead hitting the lowest level since 1969. "While we have seen many reported layoffs in the tech industry, there are other segments that are continuing to thrive," Bill Armstrong, president of recruiting at Safeguard … [Read more...] about Labor Market Added 517,000 Jobs In January—Unemployment Rate Falls To 54-Year Low Of 3.4%

UPL expects to generate cash flows of about $750-800 million in H2FY23 through working capital management, which would aid in debt reduction (Representative Image) PRO Only Highlights - Quarterly performance largely backed by improved realisations - Medium-term triggers China plus and protectionist measures for tyre industry - Valuations not inexpensive; but improved medium-term outlook Highlights Holistic and cost-efficient business model Demand and pricing to remain strong in H2 Corporate realignment to add value in the long run Debt reduction will be key for re-rating UPL Ltd (UPL; CMP: Rs 755; M Cap: Rs 56,663 crore) is the largest agrochemical company in India with a holistic portfolio across crop protection, seeds, bio-solutions and post-harvest products. It is the fifth-largest agrochemical company, globally, with a presence in 138 countries. UPL has a strong and highly cost-efficient business model, having more than... … [Read more...] about UPL: Wait for the right key to open stock re-rating door

Share to Twitter Share to Linkedin Key News Asian equity markets were broadly higher as Taiwan and South Korea outperformed. The European Central Bank (ECB), and the Bank of England (BOE), followed the Fed’s +25bps interest rate hike with a higher, +50bps rate hike, while the Hong Kong Monetary Authority (HKMA) mirrored the US with a +25bps rate hike. Meanwhile, CNY, China’s currency that trades during local market hours, gained +0.27% versus the US dollar to close at 6.72 CNY per USD, while the Asia Dollar Index fell -0.09% versus the US dollar. Shanghai, Shenzhen, and Hong Kong opened higher but slid to close down slightly/mixed on little news. Hong Kong-listed internet stocks were mixed as the Hang Seng Tech Index managed a small gain as Hong Kong’s most heavily traded stocks were Tencent, which fell -0.52%, Meituan, which fell -1.94%, Alibaba, which fell -0.91%, and Baidu, which gained +4.99%, riding the ChatGPT-like AI search announcement and … [Read more...] about CNY Rallies, ECB & BOE Hike Interest Rates

Share to Twitter Share to Linkedin Publicly traded corporations that fail to file audited financial statements as prescribed by the SEC risk their stock tanking and being delisted from the exchange. Grave consequences to be sure. Yet there is no consequence to those municipal bond issuers for the same failure to file. Until now. Moody’s rating agency has finally had enough of dealing with municipal bad citizens. We count 861 CUSIPs on which they have withdrawn their ratings. Many issuers have multiple CUSIPs owned by investors just like you. In the Muniverse, 861 CUSIPs is not huge. But it’s a beginning. Sure, the issuer may have decided to dump Moody’s, causing the rating agency to withdraw their rating. Still, it’s an impressive number and something to my knowledge that hasn’t been done on this scale before. How do we investors assess a bond issuer’s ability to continue paying the coupons when due without timely financials or a credit rating report from … [Read more...] about What To Do When Your Muni Bond Rating Is Withdrawn