Jet Airways, Adani Power, IRB Infra in Focus Today
- Jet Airways (India): ICRA has downgraded Jet Airways' loan from 'BB' to 'D'. The 'D' rating implies instruments with default or are likely to be in default soon. The downgrade has come due to delay in servicing its debt. Jet Airways has a total debt of around Rs 9,800 crore as on June 30.
- Adani Power: Maharashtra Electricity Regulatory Commission (MERC) has approved a compensation of Rs 0.95/ kwh as fuel cost under recovery at Tiroda plant due to shortage of domestic coal supply. Adani power is setting up 5 power plants of 660 MW capacity each at Tiroda of which 4 are operational. This capacity has 4 PPA with MERC.
- IRB Infrastructure Developers has reportedly won the Mumbai-Pune extension project. The project is for operation and maintenance of Mumbai Pune Expressway.
- Glenmark Pharmaceuticals: Bank of America Merrill Lynch (BofAML) has downgraded the stock to underperform with a target price of Rs 710 per share. The brokerage said valuations seem demanding after a sharp rally and the rally has priced-in improving outlook. The brokerage expects its US growth to pick-up from FY16 onwards.
- Ranbaxy Laboratories: UBS maintained buy on the stock with a target price of Rs 784 per share. The brokerage says Ranbaxy is likely to benefit from strong outlook for Sun Pharma and the stock continues to trade at discount to Sun Pharma.
- Reliance Industries: Macquarie has maintained outperform on the stock with a target price at Rs 1,294 per share. The brokerage says US ethane imports to support margins. Petrochemical refining margins are main drivers for profit growth, added the brokerage.
- State Bank of India: Deutsch Bank has upgraded the stock to buy with a target price at Rs 3,000 per share.The brokerage says SBI is best levered to an economic revival. Deutsche Bank expects its earnings to grow at a cagr (compound annual growth rate) of 28 per cent over next 3 years.
- Jindal Steel & Power's Bolivian unit has own an arbitration judgement in excess of $22.5 million against Bolivian state mining company. The arbitration was in connection with its investment in El Mutun Project.
- Tyre Companies: Competition Commission of India has reportedly ordered an probe into alleged cartelisation by top tyre makers. The top players involved include Apollo Tyres, MRF, Ceat, JK Tyres and Birla Tyres.
- Bharti Airtel: CLSA maintains high conviction buy on Bharti Airtel with a target price of Rs 437 per share. The brokerage says despite slow voice growth, data is boosting revenue growth for the company.
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