Indian markets are likely to open higher tracking gains in global markets on optimism that China would take more measures to prop up its economy after coronavirus outbreak. At 7 am, the SGX Nifty was trading 127.50 points or 1.06 percent higher at 12,164, indicating a positive start for the Sensex and Nifty50.
Among the stocks in the news today, Brickwork Ratings has downgraded Vodafone Idea’s rating, while Max Financial Services and Max Life Insurance has called a joint board meeting to discuss stake sale of Max Group chairman Analjit Singh.
Vodafone Idea: Brickwork Ratings has downgraded the rating on the company's non-convertible debentures, aggregating to Rs 2,500 crore, from 'BWR BBB-' to 'BWR BB-'. The downgrade is in view of considerable negative impact on the company's financial risk profile on account of non-availability of any relief from the Supreme Court in the Adjusted Gross Revenues (AGR) case. Max Financial Services: Max Financial Services and Max Life Insurance have called a joint board meeting on Thursday to discuss stake sale of Max Group chairman Analjit Singh in a group company. Sources told CNBC-TV18 that the boards of the two companies are likely to discuss a proposal under which Axis Bank is expected acquire a part stake belonging to Analjit Singh in Max Financial Services. Sterlite Technologies: The company received new orders of Rs 1,500 crore ranging from continued business development in its core areas of optical connectivity solutions and network services to emerging areas such as software virtualization. Infibeam Avenues: The company announced expansion of its Digital Payments business to USA. It will offer its vast array of digital payment solutions to web and mobile based small and medium enterprises (SME) largely operating in the online retail, education, hospitality and travel and tourism industry, apart from other industry verticals under the brand CCAvenue. GAIL India: The company said that it received provisional assessment orders towards Adjusted Gross Revenue (AGR) dues worth Rs 1.83 lakh crore. It reiterated that the amount assessed in the telcom dues are not legally tenable. The company has filed an application with Supreme Court on January 23 for seeking clarification on judgement passed, it added. Sunteck Realty: The real estate developer said that response for its project Sunteck MaxXWorld at Naigaon continues to remain encouraging with number of units sold reaching a mark of 1,800 apartments out of total 2,000 apartments. Jayant Agro-Organics: CRISIL has revised the company's long-term ratings as 'CRISIL BBB+/Negative' and short-term ratings as 'CRISIL A2'. The downgrade were due to sharp decline in the prices of castor seeds which is major raw material for the Jayant group. However, the ratings continue to reflect Jayant group's leadership in the castor oil-based derivatives businesses and extensive industry experience of the promoters. The ratings also factor in healthy net worth & comfortable capital structure of the Company. NIIT: The company will merge its two wholly-owned subsidiaries, NIIT Institute of Process Excellence and NIIT Yuva Jyoti, with itself. The company has approved the proposal of voluntary liquidation of these subsidiaries. Asian Paints: The company has fixed record date as March 4, 2020, for the purpose of the second interim dividend. Lumax Auto Technologies: Board of Directors at its meeting held on February 19, 2020, declared an interim dividend of Rs 2 per equity share.