Shares of hotel and resort chain owner Lemon Tree Hotels rose over 3.3%, most in two weeks. Trading volume is 1.6 times the 30-day average.
The advance comes after the company announced a new hotel in Hubli, Karnataka. The property will be operational by May, 2023 and managed by Carnation Hotels Pvt, a subsidiary of Lemon Tree Hotels.
The property will feature 65 rooms, complemented by a restaurant, bar, spa, swimming pool, fitness center and meeting room.
Of the 12 analysts tracking the company, nine maintain 'buy', two suggest 'hold' and one recommends 'sell'. The return potential of the stock is 18.6%.
Source: Exchange filing, Bloomberg
The broader indices outperformed larger peers with MidCap gauge gaining 0.75% and SmallCap measure jumping 0.6%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. advanced with Metal index gaining 2%.
The market breadth is skewed in the favour of bulls. About 1,992 stocks rose, 1,322 fell and 159 remained unchanged.
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Credit profiles of Indian companies could deteriorate up to 20% of corporate debt, warned S&P Global Ratings in its report "Inflation And Rate Hits Won't Knock Out India Inc. The ratings agency, however, added that the worsening of credit profile would not lead to large-scale defaults ue to buffers in economy as well as the balance sheets of the companies. The report comes after S&P Global Ratings' stress test of over 800 (mostly unrated) Indian companies.
Improved liquidity position as well as significant deleveraging are the reasons for the companies to resist the inflationary pressure and stay afloat, according to Neel Gopalakrishnan, credit analyst at S&P Global Ratings.
The agency added that the duration of high-rate regime would be critical with short-term rate shock less likely to cause damage while a durable rate shock could hurt debt dynamics.
S&P Global Ratings expected India's banking sector to remain resilient with the non performing loans and performing restructured loans likely to continue to decline to 4.5%-5% of gross loans by March 31, 2024.
Source: S&P Global Ratings Press Release
The broader indices outperformed their larger peers, with S&P BSE MidCap and SmallCap falling 0.2%. Barring Auto and Metal, all the other 17 sectoral indices compiled by BSE Ltd. declined with Information Technology gauge losing 2%.
The market breadth is skewed in the favour of bulls. About 1,302 stocks rose, 1,052 fell and 109 remained unchanged.
Yield on the 10-year bond rose 3bps to 7.30%, at the open.
Source: Bloomberg
Indian currency appreciated 5 paise (0.07%) to 79.81, at the open.
Source: Bloomberg
NTPC: The company’s first part capacity of 10 MW out of 20 MW Gandhar Solar PV Project at Gandhar, Gujarat, is declared on Commercial Operation from Aug. 23.
Infosys: The company scaled back the average variable payout of employees to about 70% for the June quarter amid margin squeeze and high employee costs, PTI reported.
IIFL Finance: The company’s subsidiary IIFL Home Finance approved allotment of 53.76 lakh shares, representing 20% stake, to Abu Dhabi Investment Fund for a consideration of Rs 2,200 crore.
Lemon Tree: The company has signed license agreement for a 65 room hotel at Hubli, Karnataka. The hotel is expected to be operational by May, 2023.
RBL Bank: The bank approved raising Rs 3,000 crore via debt securities on private placement basis.
Stocks declined Asia on Tuesday amid worries about Federal Reserve monetary tightening and oil prices topping $91 a barrel after Saudi Arabia said OPEC+ may be forced to cut output.
MSCI Inc.’s Asia-Pacific equity index slipped to a near four-week low as Japan shed about 1% after S&P 500 and Nasdaq 100 futures stabilized. Hong Kong and China bourses were a little more resilient after China cut borrowing costs and plans special developer loans worth as much as 200 billion yuan ($29.3 billion) to ease a property crisis, moves that may aid sentiment.
At 8:40 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.39% lower at 17,421 points.