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Sanjiv Chaddha, MD & CEO, BoB:
Adani Group exposure at one-fourth of ceiling set under large exposure framework.
Exposure has come down over three years, as a share of balance sheet.
30% of the exposure is either secured by guarantee from a PSU or is to a JV with a PSU.
Completely reassured with the credit quality of the group.
Have not received any refinance request from this group.
Cannot disclose details of any privileged communication between borrower and lender.
Have not seen a stronger corporate sector in some time
Should not place any disproportionate focus on events.
Source: BoB press briefing
Shares of TV Today Network gained after the company announced a special interim dividend of Rs 67 per equity share for fiscal 2022-2023.
It also reported a 55% slump in third quarter profit, dragged by higher expenses.
The scrip was trading 16.19% higher with volumes 19.4 times the 30-day average. Of the three analysts tracking the stock, two maintained 'buy' and one analyst suggested ' hold'. The return potential is 41.2% over the next 12 months.
TV Today Network Q3 Consolidated Earnings (YoY)
Total Revenue from operations fell 10% to Rs 231.31 crore vs Rs 257.97 crore
Net Profit slumped 55% to Rs 27.62 crore versus Rs 61.5 crore
Ebitda declined 58% to Rs 36.04 crore vs Rs 85.67 crore
Ebitda margin stood at 15.6% versus 33.2%
Source: Bloomberg, Exchange filing
New York Life Insurance will invest the amount in Acreage Builders' commercial office project in Gurugram, Haryana.
Max Estates and New York Life shall be 51:49 shareholders in Acreage.
The developable leasable area is about 1.6 million sq.ft. with revenue potential of Rs 160-200 crore per annum.
Max Estates, unit of Max Ventures and Industries, acquired Acreage for Rs 291.50 crore in September, 2022.
Source: Exchange filing
Moody’s says ratings Adani Ports, Adani Green, and Adani Transmission are underpinned by their regulated infra businesses with long-term sales contracts, or their strong operating cash flows and dominant market position.
It said its immediate focus on assessing the rated entities’ overall financial flexibility.
Adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years.
Source: Moody’s statement
France’s TotalEnergies’ exposure to Adani Group stands at $3.1 billion or about 2.4% of the company’s employed capital.
Total has 50% stakes in unlisted Adani Total and AGEL23, while a 37.4% stake in listed Adani Total Gas and 19.75% in Adani Green Energy.
Company said it has not performed any re-evaluation in its accounts of its stakes in the listed entities.
It also welcomes the announcement by Adani to mandate one of the ‘big four’ accounting firms to carry out a general audit.
Source: Statement
Fitch Ratings says there is no immediate impact on the ratings of the Fitch-rated Adani entities and their securities following a short-seller report alleging malpractices.
Fitch expects no material changes to its forecast cash flow.
There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports – reducing refinancing risks and near-term liquidity risks.
Source: Fitch statement
The broader market indices traded lower; S&P BSE MidCap was down 0.93%, whereas S&P BSE SmallCap was lower by 0.79%.
Thirteen out of the 20 sectors compiled by BSE declined, while the seven advanced in trade.
The market breadth was skewed in favour of the bears. About 941 rose, 2,416 declined and 122 remained unchanged on the BSE.
Services PMI eased to 57.2 in January, from 58.5 in December.
Source: S&P Global India
The broader market indices traded lower; S&P BSE MidCap was down 0.30%, whereas S&P BSE SmallCap was lower by 0.03%.
Ten out of the 20 sectors compiled by BSE declined, while the other ten advanced in trade.
The market breadth was skewed in favour of the bulls. About 1,515 rose, 1,144 declined and 136 remained unchanged on the BSE.
The yield on the 10-year bond opened flat at 7.28% on Friday.
Source: Bloomberg
The local currency opened largely flat against the greenback at 82.17 on Friday. It closed at 82.18 on Thursday.
Source: Bloomberg
Paytm shareholder Ant Group’s nominee Doughlas Feagin has resigned as a director on the board of the company.
“In recognition of the company’s growth as a publicly listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign,” he said.
Source: Exchange filing
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