Halister News

--STEPHEN TRELOAR

--AARON KIRCHFELD

(Bloomberg) -- Bund futures (RX1) technical levels in focus.

• Daily Trend Bias: Neutral-to-Bearish
• Comment: Thursday’s price action resembled Wednesday’s session, where early day enthusiasm attracted sellers in around mid-session; with charts posting another long upper candlestick wick (non-committal buyers), s-t bias remains neutral to mildly lower; MACD has remained sub-zero during the latest rebound phase
  • Resistance: 161.66; 161.82; 161.98
  • Support: 161.05; 160.93-84; 160.74; 160.65
• NOTE: Roll- adjusted by difference in GFUT
• NOTE: Sejul Gokal is a FICC technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Scott Hamilton

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

UPGRADES

• Cosmo Electro
  • Long-term bank facilities raised to BBB- from BB+ at Crisil
  • Cites improved revenue, net cash accrual
• Dhanlaxmi Bank
  • Upper Tier 2 bonds raised to BB from D at Care
  • Cites regularization of coupon payments of notes

• GMR Warora Energy
  • Term loans, NCD raised to BB- from D at ICRA
  • Cites timely debt servicing
• Hi-Tech Pipes
  • Fund-based facility raised to BBB+ from BBB at Brickwork
  • Cites experience of promoters, improvement in operating income
• Inspira Enterprise
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites healthy revenue growth
• Jaigad Power Transco
  • Term loan raised to AA- from A+ at Care
  • Cites stability of cash flows
• Mahabal Metals
  • LT bank facilities raised to A- from BBB+ at Care
  • Cites consistent revenue growth, improvement in operating profit margins
• Minda Kosei Aluminium
  • LT bank facilities raised to AA-(SO) from A+(SO) at Care
  • Cites experienced promoters, healthy profitability margins
• Osho Forge, Emson Gears
  • LT bank facilities raised to BB from BB- at Care
  • Cites increasing income, improving solvency position of the group
• Rimjhim Stainless
  • LT bank facilities raised to BBB-(SO) from B+ at Care
  • Cites credit enhancement in form of unconditional, irrevocable corporate guarantee provided by RIL

DOWNGRADE

• Steel Authority of India
  • LT bond programme cut to AA- from AA at Care
  • Cites subdued profitability, losses at net level
• The Madras Silks
  • LT bank facilities cut to BBB from BBB+ at Care
  • Cites increase in leverage levels

(Bloomberg) -- Recommendations of final report of SEBI Corporate Governance panel submitted Thursday “are aimed at achieving the dual objective of shareholder protection and long-term value creation” by companies, investor advisory firm Institutional Investor Advisory Services writes in note to investors.

• Proposals push corporates to improve board effectiveness, enhance oversight over group entities, tighten control over related-party transactions, provide timely disclosures, increase focus on audit quality, facilitate investor participation
• Recommendations are “grounded in market realities, and benchmark governance practices with local and global practices”
• Report builds on legal framework established by 2013 Companies Act and SEBI Listing Obligations and Disclosure Requirements, putting recommendations “within reach of corporates”
  • Transition window from between 2018 and 2020 gives boards time to adjust allowing for phased implementation of recommendations

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net Jonathan Annells