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Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed 89.75 points higher at 19,765.2 on thursday.

Banks and NBFCs:

The Reserve Bank of India has made consumer lending costlier for banks and non-bank lenders and also asked them to limit exposure to such loans amid growing risk concerns. Consumer loans will attract a credit risk weight of 125% as compared with 100% earlier. For NBFCs, too, consumer loans will attract a risk weight of 125%.

JSW Steel:

The company said it has withdrawn the application to surrender one of its iron ore mines in Odisha's Keonjhar, citing demand and supply scenarios.

JSW Infrastructure:

The company has received a letter of award from the Karnataka Maritime Board for the development of an all-weather, deep-water, greenfield port at Keni in Karnataka on a PPP basis. The estimated cost of the project is Rs 4,119 crore, with an initial capacity of 30 MTPA.

Delhivery:

Softbank-backed SVF Doorbell (Cayman) has sought to sell stakes through block deals at Rs 403.5–413.85 apiece, as per Bloomberg. It holds a 14.46% stake as of Sept. 31.

SJVN

The company has signed a power purchase agreement for a 200 MW wind power project with Solar Energy Corp. of India at a cost of Rs 1,400 crore. With the allotment of this project, the wind portfolio now stands at 497.6 MW.

IRB Infrastructure:

Moody's affirmed the company's Ba1 CFR and India Toll Roads' Ba2 senior secured rating and maintained the stable outlook for both ratings. The company's assets benefit from long-term concession agreements that allow for regular toll rate adjustments and provide several protective measures against unexpected adverse events, the agency said.

Axis Bank, Manappuram Finance:

The RBI imposed a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on Manappuram Finance for violation of certain directions of the banking sector regulator.

Redtape:

Unit Redtape HK has incorporated a subsidiary by the name of Redtape London.

PNB Housing Finance:

The board will meet on Nov. 24 to consider the issuance of NCDs up to Rs 3,500 cr on a private placement basis in tranches over the next 6 months.

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