Vedanta Resources dollar bonds see minor uptick
Vedanta Resources’ US dollar bonds saw a slight recovery on Thursday after a previous dip triggered by Viceroy Research’s report raising debt sustainability concerns. Despite Viceroy’s accusations of a “ponzi scheme,” JPMorgan and Bank of America countered, stating that Vedanta’s financial stress appeared limited.
Morgan Stanley sees up to 22% upside in PFC, REC
Morgan Stanley has initiated ‘Overweight’ ratings on Power Finance Corporation (PFC) and REC, foreseeing significant upside potential of 18% and 22% respectively. The brokerage anticipates these stocks to outperform NBFC peers in asset quality and loan growth.
IIFL Home Finance gets funding from Asian Infrastructure Investment Bank
IIFL Home Finance, backed by ADIA, has secured a $100 million loan from AIIB to boost affordable housing in India. The funds will be used for lending to economically weaker sections and developers of low-cost apartments, promoting green building practices. This five-year loan, with an 8.
Bernstein bullish on Aptus, HomeFirst and Aadhar
Bernstein started covering affordable housing finance companies. HomeFirst Finance, Aptus, and Aadhar received ‘Outperform’ ratings. Aavas and PNB Housing Finance got ‘Market-Perform’ ratings. Mortgages are expected to fuel growth due to low penetration. Affordable mortgages should remain a significant portion of the market. Lenders focusing on low-income borrowers are likely to benefit.
Defence stocks decline as investors reassess valuations amid profit booking
Defence stocks experienced a downturn on Thursday, with the Nifty India Defence Index falling 2%, driven by profit booking and easing geopolitical tensions. Investors reassessed high valuations following a significant rally in the past three months. Bharat Dynamics led the decline after Motilal Oswal initiated coverage with a ‘neutral’ rating, citing fair valuation.