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Fitch Downgrades 3 Indian NBFIs, On Negative Watch; 4th on Negative Watch

Posted On: 2020-03-28 15:19:12


Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Shriram Transport Finance Company Limited (STFC) and Muthoot Finance Limited (MFL) to 'BB' from 'BB+'. It has also downgraded the Long-Term IDR of India Infoline Finance Limited (IIFL) to 'B+' from 'BB-'. All their ratings have been placed on Rating Watch Negative (RWN). Fitch has also placed the 'BB-' Long-Term IDR of Manappuram Finance Limited (MFIN) on RWN.

The rating actions reflect increasing macro-economic challenges for the Indian non-bank financial institution (NBFI) sector. These include the growing effects from measures to contain the COVID-19 pandemic, which will compound the tightening in funding conditions for NBFIs in recent weeks. The RBI's recent liquidity and regulatory support measures should help to improve the funding environment in the near term, but it also underlines the severity of the situation and Fitch sees continued uncertainty in the coming months nonetheless.

Fitch also expects the constraints on business activity to lead to operational disruptions that will directly affect asset quality. This comes on top of existing weak asset quality across banks and some NBFIs, and under-capitalisation in the banking system, which are likely to continue to hamper the growth and funding of the NBFI sector. Fitch recently revised down India's GDP growth forecast for the fiscal year ending March 2021 (FY21) to 5.1%, from 5.6% previously, and the risks are skewed to the downside as the authorities attempt to contain the virus.

Shares of SHRIRAM TRANSPORT FINANCE CO.LTD. was last trading in BSE at Rs.724.45 as compared to the previous close of Rs. 652.5. The total number of shares traded during the day was 117585 in over 6618 trades.

The stock hit an intraday high of Rs. 815 and intraday low of 670. The net turnover during the day was Rs. 86867321.

Shares of MUTHOOT FINANCE LTD. was last trading in BSE at Rs.622.3 as compared to the previous close of Rs. 606.5. The total number of shares traded during the day was 108149 in over 4326 trades.

The stock hit an intraday high of Rs. 687.75 and intraday low of 607.35. The net turnover during the day was Rs. 69622449.

Shares of IIFL Finance Limited was last trading in BSE at Rs.79 as compared to the previous close of Rs. 75.45. The total number of shares traded during the day was 49826 in over 575 trades.

The stock hit an intraday high of Rs. 79.2 and intraday low of 74.25. The net turnover during the day was Rs. 3904705.

Shares of MANAPPURAM FINANCE LTD. was last trading in BSE at Rs.106.75 as compared to the previous close of Rs. 102.1. The total number of shares traded during the day was 670522 in over 10711 trades.

The stock hit an intraday high of Rs. 118.3 and intraday low of 104.45. The net turnover during the day was Rs. 74522633.


Source: Equity Bulls

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