Moody’s Investor Group announced on February 13 that it has revised the outlook on debt papers for four Adani Group companies, shifting from negative to stable Come from Sports betting site VPbet . Simultaneously, the rating agency maintained a stable outlook for the remaining four companies and affirmed the ratings for all eight entities within the conglomerate.
This move by Moody’s follows weeks after S&P Global Ratings upgraded the credit outlook for Adani Ports and Adani Electricity to ‘stable’ from ‘negative.’ In February 2023, Moody’s initially revised the outlook on four Adani Group companies to negative due to concerns over their access to capital and potential increases in capital costs following a report by Hindenburg Research, a short seller, highlighting governance concerns within the Adani Group.
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The companies experiencing a positive shift in their rating outlooks are Adani Green Energy Limited, Adani Green Energy Restricted Group, Adani Transmission Step-One Limited, and Adani Electricity Mumbai Limited.
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Conversely, the stable outlook was retained for Adani Green Energy Restricted Group, Adani Energy Solutions Limited Restricted Group 1 (AESL RG1), Adani Ports and Special Economic Zone Limited (APSEZ), and Adani International Container Terminal Private Ltd (AICTPL).
The report highlighted concerns over the Adani Group’s governance practices, which led to significant and rapid declines in the market value of the Adani Group companies securities.
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“In the ensuing period, the Group has completed a number of debt transactions, including refinancing as well as obtaining new loan facilities, demonstrating its continued access to debt capital at a reasonable cost. At the same time, several high profile equity transactions by large institutional and strategic investors, such as GQG and Qatar Investment Authority, also demonstrated the Group’s continued equity market access,” said Moody’s.
While an ongoing investigation by the Securities and Exchange Board of India (SEBI) is still in progress, Moody’s noted that the Supreme Court’s decision to entrust SEBI with completing the investigation and the court’s view that there is no apparent regulatory failure attributable to SEBI have alleviated potential tail risks in a downside scenario.
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There may be some “early froth”, and it may be a “little bubbly” but the markets are not out of control, Kotak said, speaking in the presence of top officials from Sebi in a conference organised by the capital markets watchdog.
The statement from Kotak, the founder and non-executive director of private sector lender Kotak Mahindra Bank, comes two days after Sebi chairperson Madhabi Puri Buch had said that there are pockets of froth in the small and mid-cap stocks and the regulator is looking into the same to come out with a possible consultation paper.
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admin · February 5, 2025 · Shares of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) gained over 2% on Thursday following the initiation of coverage by UBS. The foreign brokerage firm has a bullish view on these dividend stocks, citing strong growth prospects driven by the shift towards renewable energy and infrastructure financing.
UBS Initiates Coverage with ‘Buy’ Rating
UBS has initiated coverage on PFC with a ‘Buy’ rating and a target price of ₹670 per share. Similarly, REC also receives a ‘Buy’ recommendation with a target price of Rs 720 per share.
UBS notes that while both REC and PFC share similar growth drivers and trajectories, REC is expected to grow slightly faster.
admin · January 2, 2025 · Cement stocks experienced significant gains today as reports surfaced indicating that major cement companies have initiated price hikes averaging between Rs 10-15 per bag across the country.
Key players such as UltraTech Cement, Shree Cements, Ambuja Cements, ACC, and Dalmia Bharat traded with gains ranging between one to three percent on the intra-day trade on Wednesday April 3, 2024.
According to industry sources, cement companies in various regions have announced varying price increases, ranging from Rs 10-15 per bag in the north to a substantial Rs 40 per bag in the central and eastern regions.
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Also, they have been directed to “cease and desist” from floating any collective investment scheme (CIS) directly or indirectly in any manner. Additionally, they have been stopped from collecting money from partners or investors through existing schemes.
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In the last nearly 3 decades, RIL has delivered 2-3x value creation for shareholders, with each decade seeing more than $60 billion in market cap creation.
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