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As On 29-Oct-2020 EOD, Market Closed
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  • Bharti Airtel gains after Moody's affirms rating

    Bharti Airtel gained 0.70% to Rs 495.10 after the credit ratings agency Moody's Investors Service affirmed the company's 'Ba1' corporate family rating and changed the rating outlook to 'stable' from 'negative'.



    Moody's Investors Service has affirmed Bharti Airtel's Ba1 corporate family rating (CFR) and senior unsecured rating as well as the backed senior unsecured notes issued by Bharti's subsidiary, Bharti Airtel International (Netherlands) B.V. At the same time, Moody's has changed the rating outlook to stable from negative.

    Annalisa DiChiara, a Moody's Senior Vice President, said, "The ratings affirmation and change in outlook to stable reflect improving profitability at Bharti's core Indian mobile business, because of a moderation in industry competition, an increase in its 4G customer base, and a tariff hike from December 2019."

    "The staggered payment resolution related to Adjusted Gross Revenue (AGR) liabilities is also a positive development," says DiChiara.

    DiChiara added that overall, the company's operating flexibility is improving and will benefit from a gradual expansion of profitability, which will provide a buffer against any material deterioration in credit measures and support a steady deleveraging.

    Moody's said that Bharti's Ba1 CFR considers its position as one of the largest telecom service operators globally in terms of subscribers (420 million), its solid market position in India's high-growth mobile market and its large spectrum holdings. These factors are offset by the company's elevated leverage, and relatively low, although improving, profitability and cash flow.

    It further said that the competition in the Indian mobile segment has moderated over the last nine months as the price war following Reliance Jio Infocomm Ltd's (Jio) entry in September 2016 has subsided. But the pandemic has resulted in some subscriber contraction (1%-2%) over the last few months, which has amplified the impact of a natural attrition of subscribers due to SIM card consolidation in India following the tariff hikes implement in December 2019.

    However, an increase in the composition of its 4G customers, which comprised nearly 50% of its Indian mobile subscriber base in June 2020, is helping to stabilize profitability, Moody's added.

    Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.

    The telecom major reported a consolidated net loss of Rs 15,933 crore in the June quarter as against net loss of Rs 2,866 reported in the same period last year. Total revenues increased by 15.4% year-on-year (YoY) to Rs 23,939 crore during the quarter. EBITDA margin stood at 44.4% as on 30 June 2020 as against 41% as on 30 June 2019.

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Flash News 29-Oct-2020
  •  ( 17:54) HPCL board to mull buyback on 4 Nov   
  •  ( 17:28) Strides Pharma Q2 PAT falls 43% to Rs 79.98 cr  
  •  ( 17:22) Axis Bank reports PAT of Rs 1,683 crore in Q2 FY21 against net loss of Rs 112 crore in Q2 FY20  
  •  ( 17:21) Cummins India Q2 PAT drops 21% to Rs 146 cr  
  •  ( 17:21) PI Industries Q2 PAT surges 77% to Rs 217.60 crore  
  •  ( 17:20) GSK Pharma Q2 PAT drops 85% to Rs 76 crore  
  •  ( 17:20) Schaeffler India Q3 PAT jumps 20% to Rs 113 crore  
  •  ( 17:20) AU Small Finance records 87% jump in Q2 PAT  
  •  ( 17:20) Route Mobile Q2 PAT jumps 157.8% to Rs 32.87 crore  
  •  ( 17:19) Blue Star reports 60% YoY fall in Q2 PAT   
  •  ( 17:18) Maruti Suzuki India Q2 PAT rises 1% to Rs 1371.60 crore  
  •  ( 17:18) BPCL Q1 PAT jumps 32% to Rs 2247 cr  
  •  ( 17:17) UTI AMC Q2 PAT decline 12% to Rs 119 cr  
  •  ( 16:44) Bank of Baroda Q2 PAT soars 127% to Rs 1679 cr  
  •  ( 15:31) Havells India consol. Q2 FY21 PAT up 81.97% Y-o-Y to Rs 326.36 cr  
  •  ( 13:37) Broader markets at par with benchmark indices  
  •  ( 13:36) European markets open lower due to new lockdown norms, ECB in focus  
  •  ( 12:28) Can Fin Homes Q2 PAT rises 31.6% to Rs 128.42 cr  
  •  ( 12:27) Weak market breadth  
  •  ( 12:26) Indices reverse losses to hit intraday high  
  •  ( 11:29) Navin Fluorine Q2 PAT jumps 43% to Rs 67.81 cr  
  •  ( 11:15) Ajanta Pharma to consider buyback of shares on Nov. 3  
  •  ( 10:02) Hero MotoCorp Q2 FY21 PAT up 9% Y-o-Y to Rs 953.45 cr  
  •  ( 10:02) Hero MotoCorp consol. Q2 FY21 PAT up 9.1% Y-o-Y to Rs 963.82 cr  
  •  ( 09:30) Pidilite rises after acquiring Huntsman Advanced Materials Solutions  
  •  ( 09:29) Weak market breadth  
  •  ( 09:21) Market drops on weak global cues  
  •  ( 09:17) HUDCO reports loan sanctions of Rs 2,628.23 cr & loan releases of Rs 3,411.79 cr  
  •  ( 08:16) Asia-Pacific stocks slide following overnight Wall Street plunge  
  •  ( 08:11) US stocks tumble amid rising virus cases globally  
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29 October 2020 00:00
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493.70
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2926.30
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3379.60
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5621.30
(-0.43 %)
450.80
(-0.14 %)
1934.25
(-1.77 %)
839.85
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1188.05
(-1.44 %)
2121.55
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399.90
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588.70
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1074.80
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163.85
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1571.05
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934.60
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591.85
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7114.00
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86.45
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64.40
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171.55
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2026.55
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188.80
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456.75
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401.25
(-0.26 %)
2633.70
(0.46 %)
805.45
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1177.50
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4575.25
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