Astrological position about market is highly uncomfortable. It is sell on every rise
Market ka jo high banana tha bann gaya for time being
#CNBCTV18Exclusive | Tata Steel buys Usha Martin’s Steel division for Rs 4,600 cr; business transfer agreement executed today: Sources tell @PoddarNisha https://t.co/rLtIzhhCXu
Infrastructure Leasing and Financial Services Ltd (IL&FS) is planning to sell a majority stake in its financial services unit and additional assets worth ₹ 4,500 crore to pay down debts as the company rushes to meet its obligations and avoid bankruptcy. IL&FS has also asked the government to clear dues worth as much as ₹ 16,000 crore for work completed by the company, three executives familiar with the development said, requesting anonymit
June 19 maturity ka commercial paper tha. Black rock sold it to keep liquid money for its withdrawal due to il&fs default
Why are NBFCs selling off?: (1) There is news that DHFL bond has sold for a high implied yield to maturity of ~11%. (2) This has made stock investors of DHFL worried about DHFL liqudity and sold off the stock. (3) Other HFCs have sold off in sympathy with DHFL. Other non-HFC NBFCs have joined in the sell off. (4) DHFL management has confirmed on air that they have not faulted and there is no liquidity crisis at DHFL. (5) It is possible that the entity which sold DHFL paper did so because it was not satisfied with this exposure and wanted to sell anything of slightly questionable creditworthiness. This is an example of risk aversion after the unfolding of the IL&FS saga even though entities being sold off have no direct exposure to IL&FS. (6) DHFL and IBHF have both confirmed on air they do not have any exposure to IL&FS.
DHFL concall highlights: 1. Still AAA 2. No rating downgrade 3. No rating watch 4. All banking lines are open and liquid 5. No default 6. Enough liquidity to repay all debt obligations 7. Only 8% is Commercial Paper funded (lowest in the industry) 8. No promoter share pledge or loan against shares
Interesting data today FIIs buy Rs 760 Cr DIIs buy Rs 500 Cr today Today volatility clearly handiwork of Bear Cartel playing on rumour mongering. Surveillance can easy spot it.
ILFS Group Fund Sells Approx. Rs 700 Crores Of Equity In DHFL For Cash Requirement - Sources
Mutual funds now can not take more than 2% in commission and no upfront commission as well. Bad for MF companies.