ADAG stocks trade lower; Reliance Power slumps 19%
Stocks of the Anil Dhirubhai Ambani Group (ADAG) declined in the afternoon trade on the BSE on Tuesday after rating agencies downgraded ratings for Reliance Capital (RCap) and its subsidiaries with negative implications.
The rating revision takes into account the delays in servicing of bank facilities by the company. The liquidity profile of the group continues to be under stress on account of delay in raising funds from the asset monetization plan and impending debt payments, CARE Ratings said in the press note on April 26, 2019.
Eveready Industries hits lower circuit after credit ratings downgrade
Shares of Eveready Industries extended the decline in today trade and hit lower circuit on the BSE after rating agency India Ratings and Research (Ind-Ra) downgraded the company's long-term credit rating with a negative outlook.
Brij Mohan Khaitan, has stepped down as Chairman of group company, Eveready Industries Ltd. The company said Brij Mohan Khaitan has tered his resignation as Non-Executive Director and Chairman due to his old age. His resignation has been accepted by the Board.
Hero MotoCorp slips 3% after net profit declines 24.5%
Shares of Hero MotoCorp Ltd (HMCL) slipped 3% after the company reported a weak set of numbers, in-line with consensus estimates. The company PAT declined by 24.5% yoy to Rs730.3cr in Q4FY19.
The company's standalone revenue in the quarter declined by 7.9% yoy at Rs7,885cr on account of a 11% decline in two-wheelers sales volume. A decline in sales and higher raw material and employee costs led to an EBITDA decline of 22% yoy to Rs1, 069.3cr with EBITDA margin contraction of 244bps yoy to 13.6%.
Yes Bank stock plummets 27% post Q4FY19 numbers
Shares of Yes Bank tanked over 27% in the morning trade on Tuesday after it disappointed the Street with its March quarter numbers. The stock is among top loser on the Nifty50 index.
The bank has reported net loss of Rs1,506.6cr against the consensus estimates of profit of Rs1,050cr. The miss in estimates is largely due to spike in provisions.
Provisions jumped to Rs3,661.7cr in Q4FY19 from Rs399.6cr yoy. Its GNPA for Q4FY19 came at 3.22% vs. 2.1% qoq, an increase of 112bps. NNPA for the quarter came in at 1.86% against 1.18% qoq, an increase of 68bps.
Glenmark launches novel, anti-diabetes drug Remogliflozin in India
Glenmark Pharmaceuticals Ltd. announced the launch of its novel, patent protected and globally-researched sodium glucose co-transporter-2 (SGLT2) inhibitor Remogliflozin etabonate (Remogliflozin) in India. The drug is indicated in the treatment of type-2 diabetes mellitus in adults.
SGLT2 inhibitors are novel anti-diabetic drugs that help achieve glycemic control by acting on the SGLT2 receptors in the proximal tubule of the kidney, thereby preventing renal reabsorption of glucose and promoting excretion of glucose in the urine. SGLT2 drugs provide glycemic control, induce weight loss and reduce cardiovascular risks.
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