Morepen Laboratories Ltd, Future Supply Chain Solutions Ltd, Future Retail Ltd and Alembic Pharmaceuticals Ltd are among the other losers in the BSE s A group today, 05 May 2021.
Morepen Laboratories Ltd, Future Supply Chain Solutions Ltd, Future Retail Ltd and Alembic Pharmaceuticals Ltd are among the other losers in the BSE s A group today, 05 May 2021.
Future Lifestyle Fashions Ltd lost 5.00% to Rs 55.15 at 14:47 IST.The stock was the biggest loser in the BSE s A group.On the BSE, 60017 shares were traded on the counter so far as against the average daily volumes of 34993 shares in the past one month.
Morepen Laboratories Ltd crashed 4.98% to Rs 62. The stock was the second biggest loser in A group.On the BSE, 4.41 lakh shares were traded on the counter so far as against the average daily volumes of 22.98 lakh shares in the past one month.
Fitch downgrades Future Retail to restricted default on DDE ANI | Updated: May 01, 2021 12:01 IST
Mumbai (Maharashtra) [India], May 1 (ANI): Fitch Ratings has downgraded Future Retail Ltd s (FRL s) long-term issuer default rating to restricted default from distressed following the company s announcement that it has completed restructuring of bulk of its onshore debt.
Fitch said it views the move as a distressed debt exchange (DDE). At the same time, it affirmed the rating on FRL s USD500 million 5.6 per cent senior secured notes due 2025 at distressed with a recovery rating of RR5.
The DDE provides relief on debt servicing requirements until September 30 but the resultant debt structure and maturity profile remain unsustainable.
Global rating agency Standard & Poor s has downgraded Future Retail Ltd s long term rating issuer credit rating from CCC- to SD , amounting to default. The rating action follows restructuring of onshore debt. India-based Future Retail has completed the one-time restructuring of its onshore debt (about Rs 10,200 crore) that includes extending the maturity of its term loans and other borrowings. The restructuring constitutes a distressed exchange. It is tantamount to a default as the likelihood of a conventional default in the absence of this transaction was high and there is inadequate offsetting compensation for lenders, S&P said in a statement. It expects to raise issuer credit rating on Future Retail in the coming days, most likely to the CCC category, after re-evaluating the company s liquidity position post restructuring, the rating agency added. The review will also focus on the viability of its capital structure.
Consumer goods stocks were trading in the positive zone, with the S&P BSE Consumer Discretionary Goods & Services index rising 59.99 points or 1.32% at 4596.64 at 09:49 IST. Among the components of the S&P BSE Consumer Discretionary Goods & Services index, TVS Motor Company Ltd (up 13.16%), Arvind Ltd (up 8.4%),Vaibhav Global Ltd (up 6.97%),Future Enterprises Ltd (up 4.97%),Anant Raj Ltd (up 4.94%), were the top gainers. Among the other gainers were Future Lifestyle Fashions Ltd (up 4.94%), Future Retail Ltd (up 4.92%), Hathway Cable & Datacom Ltd (up 4.27%), Bajaj Auto Ltd (up 3.9%), and Sheela Foam Ltd (up 3.87%). On the other hand, Jay Bharat Maruti Ltd (down 3.67%), Symphony Ltd (down 1.94%), and Responsive Industries Ltd (down 1.81%) moved lower.
Lenders to withdraw debt recast if Future-RIL deal goes through: Report business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.