Standard & Poor's downgrade of Brazil to "junk" hit those Indian companies that have exposure to the troubled Latin American country. Many stocks traded significant lower than benchmark Nifty, which traded down 1.2 per cent.
Torrent Pharma, which received 13 per cent of its revenues from Brazil in FY15, and Glenmark Pharma, which got 5 per cent of revenues from Brazil, saw selling pressure.
Torrent Pharma shares were down nearly 3 per cent while Glenmark slipped 2 per cent. Shares of Cadila Healthcare (4 per cent of revenues from Brazil) were down 0.70 per cent.
Agro-chemical company UPL shares were down nearly 5 per cent. Brazil accounted for 14 per cent of its FY15 revenues. Shares of another agro-chemical company Rallis India, which got 4 per cent of FY15 revenues from Brazil, traded flat.
Power systems player KEC International got 6 per cent of its revenues from Brazil in FY15 and its shares were down 2.5 per cent. Electrical-equipment maker company Havells India was down nearly 3 per cent. Brazil accounted for 4 per cent of its revenues in FY15.
Shares of Tata Group companies TCS (up 0.70 per cent) and Tata Motors (down 1 per cent) traded mixed. TCS received 3 per cent of its FY15 revenues from Brazil while Tata Motors' Jaguar Land Rover unit got 4 per cent revenues from Brazil.
Brazil, one of the main commodity exporters to China and a member of the BRICS emerging economies (Brazil, Russia, India, China and South Africa), was until recently seen as one of the main drivers of the global economy. The downgrade is likely to hurt Brazil's economy which is already reeling under a recession.
The downgrade will increase borrowing costs for the government and Brazilian companies.
Brazil's currency, the real, has lost a third of its value this year against the dollar and the downgrade may hurt it further. The weakening of the real will hurt the income of Indian companies in rupee terms.
Standard & Poor's downgrade of Brazil to "junk" hit those Indian companies that have exposure to the troubled Latin American country. Many stocks traded significant lower than benchmark Nifty, which traded down 1.2 per cent.
Torrent Pharma, which received 13 per cent of its revenues from Brazil in FY15, and Glenmark Pharma, which got 5 per cent of revenues from Brazil, saw selling pressure.
Torrent Pharma shares were down nearly 3 per cent while Glenmark slipped 2 per cent. Shares of Cadila Healthcare (4 per cent of revenues from Brazil) were down 0.70 per cent.
Agro-chemical company UPL shares were down nearly 5 per cent. Brazil accounted for 14 per cent of its FY15 revenues. Shares of another agro-chemical company Rallis India, which got 4 per cent of FY15 revenues from Brazil, traded flat.
Power systems player KEC International got 6 per cent of its revenues from Brazil in FY15 and its shares were down 2.5 per cent. Electrical-equipment maker company Havells India was down nearly 3 per cent. Brazil accounted for 4 per cent of its revenues in FY15.
Shares of Tata Group companies TCS (up 0.70 per cent) and Tata Motors (down 1 per cent) traded mixed. TCS received 3 per cent of its FY15 revenues from Brazil while Tata Motors' Jaguar Land Rover unit got 4 per cent revenues from Brazil.
Brazil, one of the main commodity exporters to China and a member of the BRICS emerging economies (Brazil, Russia, India, China and South Africa), was until recently seen as one of the main drivers of the global economy. The downgrade is likely to hurt Brazil's economy which is already reeling under a recession.
The downgrade will increase borrowing costs for the government and Brazilian companies.
Brazil's currency, the real, has lost a third of its value this year against the dollar and the downgrade may hurt it further. The weakening of the real will hurt the income of Indian companies in rupee terms.
Standard & Poor's downgrade of Brazil to "junk" hit those Indian companies that have exposure to the troubled Latin American country. Many stocks traded significant lower than benchmark Nifty, which traded down 1.2 per cent.
Torrent Pharma, which received 13 per cent of its revenues from Brazil in FY15, and Glenmark Pharma, which got 5 per cent of revenues from Brazil, saw selling pressure.
Torrent Pharma shares were down nearly 3 per cent while Glenmark slipped 2 per cent. Shares of Cadila Healthcare (4 per cent of revenues from Brazil) were down 0.70 per cent.
Agro-chemical company UPL shares were down nearly 5 per cent. Brazil accounted for 14 per cent of its FY15 revenues. Shares of another agro-chemical company Rallis India, which got 4 per cent of FY15 revenues from Brazil, traded flat.
Power systems player KEC International got 6 per cent of its revenues from Brazil in FY15 and its shares were down 2.5 per cent. Electrical-equipment maker company Havells India was down nearly 3 per cent. Brazil accounted for 4 per cent of its revenues in FY15.
Shares of Tata Group companies TCS (up 0.70 per cent) and Tata Motors (down 1 per cent) traded mixed. TCS received 3 per cent of its FY15 revenues from Brazil while Tata Motors' Jaguar Land Rover unit got 4 per cent revenues from Brazil.
Brazil, one of the main commodity exporters to China and a member of the BRICS emerging economies (Brazil, Russia, India, China and South Africa), was until recently seen as one of the main drivers of the global economy. The downgrade is likely to hurt Brazil's economy which is already reeling under a recession.
The downgrade will increase borrowing costs for the government and Brazilian companies.
Brazil's currency, the real, has lost a third of its value this year against the dollar and the downgrade may hurt it further. The weakening of the real will hurt the income of Indian companies in rupee terms.
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