DHFL declines 10% after Crisil revises credit rating
Shares of Dewan Housing Finance Corporation (DHFL) plunged 10% on Monday after rating agency CRISIL downgraded credit rating of the company's commercial paper and continued on watch negative.
Crisil downgraded commercial papers worth Rs850cr from, with a rating watch of negative implications. The rating agency cited continued low visibility in raising funds as a reason for downgrading.
Reliance Capital drops 9% despite stating revised rating unjustified, inappropriate
Shares of Reliance Capital declined 9% on Monday despite the company stated that Credit Rating action by Brickwork Ratings is completely unjustified and inappropriate.
The Brickwork Ratings (Brickwork) has revised rating to A+ (credit watch with negative implications) for long-term debt program, market linked debentures and subordinated debt of the Company. Brickwork has stated this action is primarily due to extension of timeline for progress of planned disinvestments in various companies.
OMCs decline as crude oil jumps ~2% in global markets
Shares of Oil Marketing Companies declined in Monday morning trade after crude oil prices spurted ~2% in global markets.
International crude oil benchmark indices Brent climbed 2.56% at $73.81/bbl and WTI rose 2.34% at $65.50/$, Bloomberg data showed.
Accordingly, Hindustan Petroleum Corporation (HPCL) dropped 5%, Bharat Petroleum Corporation (BPCL) slumped 4%, and Indian Oil Corporation (IOC) fell 3%.
RIL declines 3% post Q4FY19 numbers
Shares of Reliance Industries declined 3% in Monday morning trade despite the company reported better than expected numbers for Q4FY19.
Reliance revenue grew by 17.9% yoy Rs1, 41,634cr. EBITDA came in at Rs20, 832cr, up 12.8% yoy. EBITDA margin contracted by 67bps yoy to 14.71%. Adjusted PAT came at Rs10, 362cr, up 9.8% yoy. EBITDA and Adjusted PAT came above estimates of Rs19, 757cr and Rs9, 796cr respectively. Organised retail and Digital services segment revenue grew by 51.6% yoy and 61.6% yoy to Rs36, 663cr and Rs13, 609cr respectively.
Dr Reddy Andhra Pradesh plant classified as VAI
Dr Reddy, in its filing to the exchanges, informed that the US Food and Drug Administration (USFDA) has classified the company Formulations Srikakulam Plant (SEZ) Unit I, Andhra Pradesh as Voluntary Action Initiated (VAI).
In January 2019, USFDA had completed the inspection of the said plant and issued a Form 483 with four observations, the company said in a press note to the exchanges on Friday.
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