Stocks in Focus on March 25: Yes Bank, IndiGo to Private Hospitals; here are expected 5 Newsmakers of the Day
Stocks in Focus on March 25: Yes Bank, IndiGo, Indiabulls Housing Finance, BSE/NSE/MCX and hospital stocks are expected to remain newsmakers throughout the intraday trade session.
Stocks in Focus on March 25: At the stock markets, the Sensex at the Bombay Stock Exchange surged 693 points, or 2.7 per cent, to end at 26,674, on Tuesday, March 24, 2020. The Nifty at the National Stock exchange climbed 191 points, or 2.5 per cent, to 7,801. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Wednesday, March 25, 2020. List of such five stocks:
BSE/NSE/MCX: The exchanges will continue to function normally.
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YES Bank: Rating agency ICRA on Tuesday upgraded Yes Bank and placed it on rating watch with developing implications. Its tier 2 bond programme of Rs 10,900 crore was upgraded to BB while its certificate of deposits was placed at A4+ rating. The private lender’s infrastructure bonds were also upgraded to BB+. ICRA expects additional capital requirements of Rs 9,000-13,000 crore over the next 1-2 years.
IndiGo: The budget carrier’s Chief executive Officer Ronojoy Dutta has assured its employees that the company will not make any deduction in their salaries or leaves due to the suspension of domestic flights till March 31. All domestic flights were suspended from Tuesday midnight.
Hospitals in Focus: Private hospital like Apollo will be able to treat Covid-19 patients from March 26, 2020. The decision was taken because of the spread of the disease across India. So far, the private healthcare institutions were only required to collect throat swab samples for suspected Covid-19 patients and advise them to home quarantine while awaiting test results.
Indiabulls Housing Finance: The rating agency Moody's on March 24, 2020, revised rating of Corporate Family Rating and Foreign Currency Senior Secured Bonds from 'B2' to 'B3'. The company has outstanding foreign currency bonds of USD 350 million (Rs 2,495 Crores] as at the end of December 2019. The rating action and the negative outlook is on account of perceived challenges in access to funding following the imposition of a moratorium on Yes Bank as well as the broader risk aversion currently prevalent in financial markets globally.
Besides, the rating agency CRISIL on March 24, 2020, reaffirmed the long-term rating of Indiabulls Housing Finance to 'CRISIL AA'. The rating outlook has been revised to negative. The short-term rating has been reaffirmed at 'CRISIL A1+'.
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