Global financial firm Morgan Stanley has cut estimates and target price of real estate lenders, attributing the move to higher credit costs and lower PPoP (pre-provision operating profit ) of these NBFCs."The risk of multi-year woes for these NBFCs is mounting. The credit flow to developers has been weak for about a year given the funding issues at NBFCs. The slowing economy and increasing awareness of it could dampen home buyer demand further, thereby compounding cash flow issues of developers," said Morgan Stanley.In a report on September 9, Morgan Stanley said that the concerns for real estate lenders appear to be rapidly increasing and it sees a long period of adjustment for them, in terms of delivering, debulking and recognising bad loans and provision.Close "We draw a parallel to India's last corporate bad loan cycle when banks struggled with sticky infrastructure bad loans. Given limited disclosures on stress in the loan books, we assume about 10 percent of current developer … [Read more...] about Woes for real estate lenders mount; Morgan Stanley cuts estimates and target price
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In many ways, Lakshmi Niwas Mittal’s global trek began with the acquisition of a plant in Trinidad & Tobago in 1989.Earlier in 1976, as a 26-year-old, he set up a plant in Indonesia for his father Mohanlal Mittal. But it was far away in the Caribbean island that Mittal first sowed seeds of a global strategy, which over the next two decades made him the largest steelmaker in the world. ArcelorMittal’s presence would go on to include plants in 18 countries and offices in 60.Thirty years since that first acquisition though, the Trinidad and Tobago unit is a part of Mittal’s global empire that doesn’t make for a pretty picture.Close ArcelorMittal closed the Point Lisas plant in 2016, a day after the worker’s union got a favourable decision from the courts on a pay hike. Low steel prices and increasing costs had already impacted the operations. related news Bharti Airtel posts staggering Rs 23,045 cr net loss in Q2 after AGR provisioning Glenmark … [Read more...] about Lakshmi Mittal ‘s global empire: An asset or a liability in his Essar Steel bid?
Indian benchmark indices Sensex and Nifty ended marginally higher on August 16 as intraday gains registered by ITC, Axis Bank and Maruti Suzuki were largely offset by losses in Tata Consultancy Services, Reliance Industries and HDFC shares.The market remained choppy throughout the session as sentiment remained fragile on lingering concerns over a slowdown in the economy, lacklustre June quarter earnings and weak global sentiment in the light of US-China trade war.Close Experts opined that the upward movement in the near future will remain capped due to weak consumer demand and uninspiring earnings. related news Market Live: Sensex, Nifty erase gains following inflation data; Airtel, IndusInd Bank top drags Hot Stocks: Nifty50 may have made a short-term top near 12,000 levels Early on D-Street | Nifty vulnerable for more downsides unless it closes above 11,950 “Consumer demand has continued to weaken in recent months. The earnings season was not … [Read more...] about An evening walk down D-St: Sensex, Nifty end marginally higher; Yes Bank jumps 4%
Sensex and Nifty settled with gains on August 14, tracking positive cues from other Asian markets after the US delayed tariffs on some Chinese imports.US President Donald Trump delayed his September 1 deadline for 10 percent tariffs on some Chinese imports, giving a boost to the risk appetite of investors.Close Back home, sentiment got a fillip after data showed India's retail inflation rate in July eased marginally to 3.15 percent, remaining comfortably within Reserve Bank of India's (RBI) target level of 4 percent, fuelling hope of a further rate cut by the RBI in its next policy meet. related news Market Live: Sensex, Nifty erase gains following inflation data; Airtel, IndusInd Bank top drags Hot Stocks: Nifty50 may have made a short-term top near 12,000 levels Early on D-Street | Nifty vulnerable for more downsides unless it closes above 11,950 Wholesale price-based inflation also fell to a multi-year low of 1.08 percent in July, mainly on account of cheaper fuel and … [Read more...] about An evening walk down Dalal Street: Delayed US tariffs lift market sentiments
Falling for the second consecutive day, benchmark indices Sensex and Nifty settled in the red on August 21, dragged by losses in shares of select heavyweights, including ITC, HDFC and Larsen & Toubro.Barring some gains in the first half, sentiment remained sombre for the session. Sensex remained in the negative amid mixed global cues.Close "The market is reeling under pressure as there is no positive trigger to lift the sentiment. Unless the government reveals its cards on economic stimulus and reforms, the sentiment will remain weak," said Rusmik Oza, Senior VP and Head of Fundamental Research at Kotak Securities. related news Market Live: Sensex, Nifty erase gains following inflation data; Airtel, IndusInd Bank top drags Hot Stocks: Nifty50 may have made a short-term top near 12,000 levels Early on D-Street | Nifty vulnerable for more downsides unless it closes above 11,950 The Sensex closed 268 points, or 0.72 percent, lower at 37,060.37, with 22 stocks … [Read more...] about An evening walk down D-St: Sensex, Nifty fall for 2nd day in a row; Yes Bank, Tata Motors crash