Manappuram Finance up 0.6%

The board of directors of the company has approved the allotment of 500 rated, secured, redeemable non-convertible debentures having a face value of 10 lakh each aggregating to 50 crore on a private placement basis to be listed on the BSE Limited.



Future Enterprises declines nearly 2%

Future group firm Future Enterprises Ltd (FEL) on Tuesday reported a fresh default on interest payment of non-convertible debentures (NCDs). FEL, which is having financial troubles, had last week also informed default on interest payment of another non-convertible debenture. Before that it had on September14, 2020, defaulted in payment of commercial paper of 90 crore.

Kotak Securities says 'reduce' on Asian Paints

"We believe APNT (Asian Paints) is well-positioned to build large home decor solutions and construction chemicals portfolio; these businesses would not move the needle on growth for 2-3 years but are sizeable opportunities from 5-10 years’ perspective. While APNT has long-aspired to be a complete HD solutions provider, it has been conservative on the capital allocation front. We see renewed focus under the new leadership; it remains to be seen if the company steps up capital allocation to accelerate product/services portfolio augmentation (especially through inorganic route), branding/marketing (to inspire dealer confidence) and store expansion. It is worth noting that APNT would generate operating cash flow of 100 bn+ over FY2021-23E with modest capex requirement in the core decorative paints. Our DCF-based FV (Fair Value) of 1,800 implies 45X Sep22E PE. APNT is our preferred pick in paints; we await a better entry price."


Arvind Fashions down 1%

Arvind Lifestyle Brands Limited, a wholly owned subsidiary of Arvind Fashions Limited (AFL) and Gap Inc., have decided to mutually terminate their franchise business relationship in India. As next steps, both companies will work out modalities regarding transition of the Gap business. The Gap business delivered revenues of 182 Crores (4.7% of AFL's consolidated turnover) with a PBT loss of 34 Crores in FY2020.

Axis Bank down nearly 1%

Axis Bank on Tuesday said there was an uptick in the number of borrowers who opted for loan moratoriums after June and emphasised that the lender will be "judicious" in restructuring borrowings under the new rules.

About Non-Performing Assets (NPAs), the bank's Chief Executive Officer and Managing Director Amitabh Chaudhry said its stress tests are now showing lower slippages across any scenario than earlier.