Tata Steel in spotlight after ratings downgrade

Tata Steel announced yesterday, 31 October 2016 that ratings agency Brickwork Ratings downgraded the company's credit rating to BWR AA from BWR AA+, with negative outlook for the unsecured non-convertible debenture (NCD) issues of Rs 4000 crore. The ratings agency also downgraded ratings to BWR AA- from BWR AA for the company's unsecured subordinated perpetual debt issues of Rs 2500 crore, with negative outlook. The sudden change of guard at the holding company/group level has not only heightened the management risk for Tata Steel, but also has exposed it to uncertainty over continuity of critical decisions on cost cutting and deleveraging the balance sheet concerning the unprofitable UK operations and restructuring its European business, the ratings agency said. Unless the company takes appropriate measures in this regard, it may lead to a further deterioration in financial profile of the company, as also a rating action, the agency added.

Shares of auto companies will be in focus as companies start unveiling monthly sales volume data for October 2016 from today, 1 November 2016.

Yes Bank announced yesterday, 31 October 2016 that it has received the approval from Reserve Bank of India (RBI) for appointment of Ashok Chawla as Non-Executive Part-time Chairman of the bank for a period of three years from the date of his taking charge. Accordingly, Chawla took charge as Non-Executive Part-time Chairman of the bank with effect from 30 October 2016 upon the expiry of the term of the current Chairperson of the bank, Radha Singh. Ashok Chawla, an independent director, was appointed on the board on 5 March 2016.

Cadila Healthcare announced yesterday, 31 October 2016 that new data of Saroglitazar will be presented at The Liver Meeting being held at Boston from 11 to 15 November 2016. Saroglitazar (Lipaglyn), a novel agonist having predominant PPAR alpha activity, was launched in India as a prescription medicine for the treatment of Hypertriglyceridemia and Diabetic Dyslipidemia in patients with Type 2 Diabetes not controlled by statins. Saroglitazar is currently being evaluated in several clinical trials in India and other countries.

NBCC (India) announced yesterday, 31 October 2016 that pursuant to Ministry of Urban Development letter dated 28 October 2016, S K Chaudhary, Executive Director has been relieved from the company upon his relinquishing the charge of the post of Director (Projects), NBCC to join as Chairman & Managing Director, IRCON International.

Kitex Garments' net profit fell 52.41% to Rs 12.92 crore on 20.32% decline in total income from operations to Rs 106.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced yesterday, 31 October 2016.

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