INSUBCONTINENT EXCLUSIVE:
Shares of YES Bank (number of shares traded: 4.29 crore), Idea Cellular (2.46 crore), SBI (1.91 crore), Ashok Leyland (1.51 crore), Suzlon
Energy (1.01 crore), Tata Motors (0.84 crore), Eveready Industries (0.79 crore), PC Jeweller (0.70 crore), Indiabulls Housing Finance (0.69
Co, a private equity fund specialising in the turnaround of financial firms around the world, is leading a consortium that plans to invest
as much as $2 billion in YES Bank.
About half-a-dozen investors, including JC Flowers - Co, Tilden Park Capital Management, OHA (UK) (part
stages.
Shares of telecom major Vodafone Idea traded 0.44 per cent up at Rs 4.63 ahead of its December quarter earnings later in the
day.
Kotak Securities expects a 4 per cent QoQ increase in revenue on the back of tariff hikes, partly offset by fall in subscribers to
308.1 million (311.1 million in Q2FY20).
The brokerage expects average revenue per user (Arpu) of Rs 113 (up 6 per cent QoQ)
The company had reported a loss of nearly Rs 51,000 crore in the September quarter due to provisioning for its statutory dues.
The NSE Nifty
index was down 37.15 points 12164.05, while BSE Sensex traded 113.99 points lower at 41451.91 at around 10:09AM (IST).
In the Nifty index,
YES Bank(up 3.69 per cent), Titan Company (up 2.63 per cent), Zee Entertainment Enterprises (up 2.61 per cent), State Bank of India (up 2.58
per cent), Tata Consultancy Services (up 0.68 per cent), Dr
Reddy's Laboratories (up 0.65 per cent), Infosys (up 0.47 per cent) and Nestle India(up 0.47 per cent) stood among top gainers.
For the
second time in two months, India Ratings on Wednesday downgraded long-term issuer rating on certain debt instruments of Yes Bank to 'A-'
from 'A' and also maintained it on the rating watch 'negative'.
The rating agency also said it reflects the continued delay and inconclusive
quantum of the anticipated equity infusion in the beleaguered bank.
On the other hand, Kotak Mahindra Bank(down 1.47 per cent), HCL
Technologies (down 1.47 per cent), Adani Ports - Special Economic Zone (down 1.39 per cent), Axis Bank (down 1.34 per cent), IndusInd Bank
(down 1.24 per cent), Cipla (down 1.23 per cent) and Maruti Suzuki India (down 1.18 per cent) were among top losers in the index.