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Moody's Downgrades PNB, Adani Enterprises To Enter Electric Bus Manufacturing et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 21, 2018 12:51 PM 1 min read
Editorial

End of Day Wrap-up (Monday / May 21, 2018) #YesBank #Fortis #Moodys #PNB #SaudiArabia #Adani #Tesla #oil #insurance #Transfin

Editor's comment: Yes Bank, Fortis' largest shareholder, pushes board to consider all revised bids and invite new interested bidders. Next board meeting scheduled on May 22. 

 

Moody's downgrades PNB to Ba1/NP from Baa3/P-3 in light of the Nirav Modi scandal. Fugitive Nirav Modi has reportedly reached London on a Singapore passport.

 

Insurance regulator wants 3 state-run insurers National Insurance Co, Oriental Insurance Co., and United India Insurance to inject INR10,000cr capital before merging. IRDAI asks government to either provide additional funds or allow insurers to issue T2 capital. 

 

Petroleum Minister in phone conversation with Saudi Arabia's Energy Minister, reiterating the need for "stable and moderate" prices. India imports 80% of its crude oil requirement and has been particularly hit by rising oil prices - crossing $80 per barrel last week.  

 

Adani Enterprises to enter electric bus manufacturing, planning to setup manufacturing base in its SEZ in Mundra, Gujarat in collaboration with a Taiwanese electric bus maker.

 

Tesla cuts Model 3 delivery delay for new orders from 12-18 months to 4-6 months with production improvements.