Future, ICICI Lombard, HDFC Bank, PVR, Jaypee Infratech

Future Retail: Future Retail Ltd is a step closer to a debt recast, with a group of 28 lenders approving a proposal for this and allowing it to extend the loan repayment period by up to two years, subject to the approval by a central bank committee, the company said.

ICICI Lombard General Insurance: Non-life insurer ICICI Lombard General Insurance has reported a 22.61% growth in net income to ₹345.68 crore for the March quarter, on the back of rise in gross direct premium income. It had posted a net profit of ₹281.93 crore in the year-ago period, the company said in a regulatory filing.

HDFC Bank: The lender has set aside ₹500 crore for compound interest waiver. India’s largest private lender HDFC Bank on Saturday said it has set aside ₹500 crore as provisions to cover the Supreme Court-directed compound interest refund to all borrowers during the March-August period.

PVR: Credit rating agency CRISIL has downgraded India’s biggest multiplex chain operator PVR’s long-term bank facilities and debt instruments. The rating agency downgraded its rating on the long-term bank facilities and non convertible debentures (NCDs) of PVR to AA- from AA.

Jaypee Infratech: The construction company’s lenders have asked state-owned NBCC Ltd and Suraksha group to improve their bid and offer more land parcels under an insolvency process to acquire debt-laden realty firm.

Auto stocks: Passenger vehicle sales might stage a quick recovery once the second wave of the covid pandemic abates as more consumers choose personal vehicles over public transport and pent-up demand boost sales, analysts and industry executives said.

Retail stocks: With the second wave of covid-19 continuing to wreck havoc in India, retailers, restaurant owners and mall developers said they are staring at significant losses, and muted consumer sentiment could further delay a recovery in business.

PSU banks: India’s state-owned lenders are seemingly insulated from charges of misselling additional tier I (AT1) bonds or perpetual bonds, recently made against a private lender, as investments in such instruments are easier to come by for these banks, said experts.

Dr Lal PathLabs Ltd: A sharp spike in covid-19 infections has increased the demand for diagnostic and healthcare tests and services of Dr Lal PathLabs Ltd. Even though the stock declined by around 7% last week to ₹2,920 per share on the National Stock Exchange, investors are sitting on almost 27% appreciation so far in this calendar year.

Mindtree Ltd: The March quarter results of mid-tier IT services firm Mindtree Ltd were largely in line with the Street’s estimates. In US dollar terms, the company’s revenue saw sequential growth of 5.2%, aided by its travel transportation and hospitality (T&H) segment. As anticipated, Mindtree’s operating margins at 21.9% slipped from 23.1% in Q3FY21, impacted by salary hikes.