Name: Yes Bank faces a slew of downgrades, price targets slashed on stock
Uploaded: 2019-04-30T10:17:45.fff+05:30
Duration: T00M28S
Channel: editorji

Yes Bank saw a slew of downgrades after reporting it’s first ever quarterly loss. Macquarie slapped a double downgrade on the stock, scaling it down to 'underperform' a

Yes Bank faces a slew of downgrades, price targets slashed on stock

Yes Bank saw a slew of downgrades after reporting it’s first ever quarterly loss. Macquarie slapped a double downgrade on the stock, scaling it down to 'underperform' and  slashing its target price by 40% to Rs 165 - one of the lowest  targets.Besides Macquarie, other brokerages such as BoB Capital and Emkay Global have also downgraded the stock. Morgan Stanley has the lowest target price on the Street on YES Bank at Rs 125. 

Yes Bank saw a slew of downgrades after reporting it’s first ever quarterly loss. Macquarie slapped a double downgrade on the stock, scaling it down to 'underperform' and slashing its target price by 40% to Rs 165 - one of the lowest targets.Besides Macquarie, other brokerages such as BoB Capital and Emkay Global have also downgraded the stock. Morgan Stanley has the lowest target price on the Street on YES Bank at Rs 125.

While Nomura has downgraded projections of economic growth for the fiscal year ending March 2022 to 12.6 per cent from 13.5 per cent earlier, JP Morgan now projects GDP

As fresh Covid&nbsp;cases continue to spike over 2.5 lakhs daily the bets on India continue to decline with brokerages cutting their growth projections across the board.&nbsp;
<ul>
<li>UBS&nbsp;expects the current mobility restrictions to remain in place until end-May has cut it's growth expectation lower to below even the RBI's estimate at 10% vs 11.5%.&nbsp;</li>
<li>Citigroup&nbsp;now sees the current year's growth 50 bps lower at 11.5% mostly led down by private consumption and services.&nbsp;</li>
<li>JPMorgan&nbsp;has made the biggest cut , projecting the GDP&nbsp;growth now&nbsp; down 200 bps to 11% from their original&nbsp;13% bet.</li>
</ul>
&nbsp;As daily new cases double of last peak in September 2020 brokerages also warn that if the situation does not ease by mid may there could be a period of multiple growth revisions like in last year.

States are urging the centre to call for an urgent GST meet to reduce cost of medicines and medical equipment. States are demanding exemption of key Covi

States are urging the centre to call for an urgent&nbsp;GST&nbsp;meet to reduce cost of medicines and medical equipment.&nbsp; States are demanding exemption of key Covid drugs like Remdesivir, medical grade oxygen used in oxygen cylinders, and related supplements, which currently attract 12%.
The GST&nbsp;council has not had a meeting for the last six months.&nbsp;

The government has prohibited the supply of oxygen for industrial purposes by manufacturers and suppliers forthwith April 22, The centre decided to release 6,177 metric

The government has prohibited the supply of oxygen for industrial purposes by manufacturers and suppliers forthwith April 22, The centre decided to release 6,177 metric tonnes of oxygen with a priority to Mahrashtra&nbsp;and Delhi.&nbsp;
Mahrashtra&nbsp;will get&nbsp; the lions share fro the pie with 1500 metric tonnes to overcome the current shortfall.&nbsp;
Industry tiitans led by Mukesh&nbsp;Ambani have already started to pitch in. Sajjan&nbsp;Jindal&nbsp;of JSW Steel said, "We are supplying oxygen for medical purposes as our priority in response to current crises. Currently, the supplies are ramped up to over 185 tonnes and making every effort to increase further from all our steel plants across the country."

Hong Kong will ban flights from India starting April 20 till May 3 the government said in a statement Sunday. The ban comes just hours after hours officials confirmed a

Hong Kong will ban flights from India starting April 20 till May 3, the ban comes just hours after officials confirmed a second local Covid-19 case involving a mutated strain of the virus.
Hong Kong has also banned flights from Pakistan and the Philippines for 14 days starting April 20,
A circuit breaker arrangement is triggered for each of the countries as there had been five or more arrivals with the N501Y mutant coronavirus strain within seven days, the government said. Under the mechanism the three countries will be designated as &ldquo;extremely high-risk.&rdquo;
People already in quarantine in Hong Kong from those three nations will be ordered to take a further test on the 26th day after arriving in the city.

The Delhi government has filed an FIR against five airlines for allegedly not checking any passenger coming from Maharashtra for a negative RT PCR report. A News 18 re

The Delhi government has filed an FIR against five airlines for allegedly not checking any passenger coming from Maharashtra for a negative RT PCR report.
A News 18 report said that the case has been filed against Indigo, Vistara, SpiceJet and Air Asia. According to the Delhi government it is mandatory to carry a negative RT-PCR test report, which should not be older than 72 hours prior to departure if a person is coming from Maharashtra.
Those without a negative Covid test report will have to undergo 14-day home quarantine on reaching Delhi.&nbsp;

Niti Aayog Vice Chairman Rajiv Kumar said on Sunday that India needs to prepare for 'greater uncertainty' in terms of consumer as well as investor sentiments due to the

Niti Aayog Vice Chairman Rajiv Kumar said on Sunday that India needs to prepare for 'greater uncertainty' in terms of consumer as well as investor sentiments due to the fresh wave of&nbsp;coronavirus&nbsp;infections.
He said the government will respond with fiscal measures as and when required.
While acknowledging that the present situation has become far more difficult than it was in the past due to rising coronavirus infections, Kumar remained hopeful that the country&rsquo;s economy will grow 11 per cent in the current fiscal ending March 31, 2022.
 According to Kumar, India was on the verge of defeating&nbsp;Covid-19&nbsp;completely but some new strains from the UK and other countries have made the situation far more difficult this time around.
&nbsp;

India’s largest private sector lender HDFC Bank delivered a strong set of earnings for Jan-March with profit rising 18.2% vs a year ago. With earnings g

India&rsquo;s largest private sector lender HDFC&nbsp;Bank delivered a strong set of earnings for Jan-March with profit rising 18.2% vs a year ago.&nbsp; With earnings growth maintaining the 5-year average brokerages are most impressed with the bad debt numbers which have been contained to 1.32% The management however provided no clarity of when the ban of issuing new cards will be lifted.&nbsp;HDFC Bank was barred from issuing any new credit cards on December 12, 2020, after a series of technical glitches
&nbsp;

Debt relief coming in for Kishore Biyani backed Future Retail as lenders agree to recast the debt. The recast as per filing has been done under the RBI's

Debt relief coming in for Kishore&nbsp;Biyani&nbsp;backed Future Retail as lenders agree to recast the debt. The recast as per filing has been done under the RBI's&nbsp;Covid-19 framework.&nbsp;
The debt recast of Future Retail includes repayment of loans to be extended upto a maximum of 2 years and also a&nbsp;pause in interest payments between March 1, 2020 to September 30, 2021.
With a total of over Rs 10,000 cr debt outstanding&nbsp;Future Retail is the largest debtor in the Biyani group, the total debt for the group&nbsp;stands at about Rs 21,000 crore.
&nbsp;

Acute shortage had led to a huge spike in the price of Remdesivir injection use in Covid-19 treatment, as per govt instructions pharma companies have slashes

Acute shortage had led to a huge spike in the price of&nbsp;Remdesivir&nbsp;injection use in Covid-19 treatment, as per govt instructions pharma companies have slashes the rates while raising production of the anti-viral drug.&nbsp;
Here are some of the the revised prices&nbsp;
<ul>
<li>Cadila: Rs 899 (vs Rs 2,800)</li>
<li>DRL: Rs 2,700 (Vs Rs 5,400)</li>
<li>Cipla: Rs 3,000 (vs Rs 4,000)</li>
<li>Mylan: Rs 3,400 (vs rs 4,800)</li>
</ul>
Remdesivir is considered a key anti-viral drug in the fight against COVID-19, especially in adult patients with severe complications.
Seven Indian companies are producing Injection Remdesivir under voluntary licensing agreement with Gilead Sciences, USA. They have an installed capacity of about 38.80 lakh units per month.&nbsp;At least six manufacturers have received approval for setting up additional sites that could scale up the production capacity of Remdesivir by 1 million vials per month.
&nbsp;

China’s Q1 GDP jumped a record 18.3% in the Jan-April quarter vs 6.2% in the previous quarter. The rise is the highest since 1992 at least as per

China&rsquo;s Q1 GDP&nbsp;&nbsp;jumped a record 18.3% in the Jan-April&nbsp;quarter vs 6.2% in the previous quarter. The rise is the highest since 1992 at least as per official data. The reading however was still a notch below the 19% markets were expecting.
The figures are inflated due to a very low base last year due the pandemic lockdown.In other economic data Industrial output rose 14.1% in March missing projection of 18%, while retail sales expanded 34.2% in March, beating expectations of a 28% gain
&nbsp;

So far, bookies and fixers across the world in cricket would rely on cash, expensive cars, clothes, jewellery and even mobile phones to make corrupt approaches but thin

So far, bookies and fixers across the world in cricket would rely on cash, expensive cars, clothes, jewellery and even mobile phones to make corrupt approaches but things are now changing. According to a new report by PTI, bookies are now looking at cryptocurrency&nbsp;as it is virtually untraceable. In an interview, ICC&nbsp;Anti Corruption Unit's&nbsp;General Manager Alex Marshall said that the latest case of former Zimbabwe Captain Heath Streak involved a Bitcoin&nbsp;transaction. A bookie had paid 2 Bitcoins&nbsp;to Streak for inside information which was worth over $35,000 at that time in 2018. While this is a completely new phenomenon, experts aren't ruling out further use as this currency in nearly impossible to track as compared to regular paper cash.&nbsp;

Facebook has signed a deal to buy renewable energy in India from a local firm’s wind power project. The 32 megawatt wind power project, located in

Facebook&nbsp;&nbsp;has signed a deal to buy renewable energy in India from a local firm&rsquo;s wind power project.&nbsp; The 32 megawatt wind power project, located in southern Karnataka state, is part of a larger portfolio of wind and solar projects that Facebook and Mumbai-based CleanMax are working on together to supply renewable power into India&rsquo;s electrical grid. The electricity generated from these plants will power the tech giant&rsquo;s first Asian data center.

Pfizer CEO Albert Bourla said people will “likely” need a booster dose of a Covid-19 vaccine within 12 months of getting fully vaccinated. C

Pfizer&nbsp;CEO Albert Bourla said people will &ldquo;likely&rdquo; need a booster dose of a&nbsp;Covid-19&nbsp;vaccine within 12 months of getting fully vaccinated.
CNBC reported Pfizer Chief&rsquo;s comments stating "&ldquo;A likely scenario is that there will be &nbsp;a need for a third dose, somewhere between six and 12 months and then from there, there will be an annual revaccination, but all of that needs to be confirmed.&nbsp;And again, the variants will play a key role,&rdquo;
Initial data has shown that vaccines from Moderna&nbsp;and Pfizer&nbsp;retain most of their effectiveness for at least six months.&nbsp;Researchers still don&rsquo;t know how long protection against the virus lasts once someone has been fully vaccinated.

Wipro with a 3% revenue growth in Q4 and a guidance of 2%-4% for the coming quarter may have impressed brokerages but many are in wait and watch mode for the

Wipro with a 3% revenue growth in Q4 and a guidance of&nbsp; 2%-4% for the coming quarter may have&nbsp;impressed brokerages but many are in wait and watch mode for the new management's strategy to play out.&nbsp; CLSA&nbsp;noted that the new management has an aggressive approach going ahead and has raised the&nbsp; stock's price target to Rs 450/share. While Jefferies&nbsp;maintains a much lower price price target at Rs 380/share as they expect salary hikes to keep the lid on EPS&nbsp;growth

Amazon CEO Jeff Bezos on Thursday issued his final letter to shareholders before turning the helm over to AWS CEO Andy Jassy. Bezos in his later stated "It’s

Amazon CEO Jeff Bezos on Thursday issued his final letter to shareholders before turning the helm over to AWS CEO Andy Jassy. Bezos&nbsp;in his letter&nbsp;stated "It&rsquo;s clear to me that we need a better&nbsp;vision&nbsp;for how we create value for employees.&rdquo; The statement on employee value comes at the back of&nbsp;of the Amazon union drive, which bought to light gruelling workplace conditions in the e-commerce giant's warehouses.&nbsp;

Wall Street had a terrific Thursday with Dow closing above the 34,000 mark and S&P 500 soaring to a record high as falling yields boosted bets on tech stocks.

Wall Street had a terrific Thursday with Dow closing above the 34,000 mark and S&amp;P 500 soaring to a record high as falling yields boosted bets on tech stocks.&nbsp;
Tech backed Nasdaq Composite closed&nbsp;above 14,000 for the first time since Feb. 16 as&nbsp;benchmark 10-year Treasury yield slipped below 1.6% for the first time since March 25.
Economic data continues to be supportive with&nbsp;U.S. jobless claims dropping to the lowest level since March 2020 and retail sales jumping 9.8%&nbsp;in March beating estimates.&nbsp;
The S&amp;P 500 has gained 1% this week, on pace for its fourth straight positive week.&nbsp;

Good news finally for Maharashtra the Central Govt has given its permission to the city-based Haffkine Institute to manufacture Covaxin, an anti-coronavirus vaccine...

Good news finally for Maharashtra the Central Govt has given its permission to the city-based Haffkine Institute to manufacture Covaxin, an anti-coronavirus vaccine of Bharat Biotech.
In January, Haffkine sought the nod from the ICMR for technology transfer and in March, it reiterated its request as vaccination centres across the infection epicentre fell short of doses.&nbsp;
Also Read | <a href="https://www.editorji.com/story/on-news-guru-covid-2nd-wave-batters-india-are-hospitals-equipped-1618407466935" target="_blank">On News Guru:&nbsp;Covid 2nd wave batters India: Are hospitals equipped?</a>
This is the first time that another pharma company, which was not part of the vaccine development process, is being given the technology.
Maharashtra on Thursday reported <a href="https://www.editorji.com/story/maharashtra-clocks-over-61-000-cases-mumbai-close-to-the-8000-mark-1618510268051" target="_blank">61,695 fresh coronavirus cases</a> which&nbsp;is the second highest single-day count so far after 63,294 infections were reported in the state on April 11.
Also Read | <a href="https://www.editorji.com/story/foreign-covid-vaccines-decision-on-emergency-use-appeals-to-be-taken-in-3-days-1618485080060">Foreign Covid vaccines: decision on emergency use appeals to be taken in 3 days</a>

Citigroup announced on Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from

US banking giant Citigroup, decided to exit the consumer banking business in India as part of a global strategy to focus on institutional business. Citi&nbsp;will exit consumer banking in 13 countries
Citi India&rsquo;s Chief Executive Ashu Khullar has assured that there will be no immediate impact of the decision on its employees and operations in India reported PTI.&nbsp; Citi's&nbsp;total assets in India are nearly at Rs 3 lakh&nbsp;crore,&nbsp; out of which the retail biz including credit cards would be over Rs 32,000 cr as per reports in ET. However, the company has said that it has begun looking for a buyer, &nbsp;&ldquo;Citi is not closing down its consumer business here, but only exiting. We will now look for a buyer for the Indian consumer business segment and will also seek necessary regulatory approvals,&rdquo; officials told&nbsp;Moneycontrol.com.

E-Commerce major Flipkart has acquired Mumbai based booking platform Cleartrip for an undisclosed sum. Cleartrip buyout marks the fourth transaction

E-Commerce major Flipkart&nbsp;has acquired Mumbai&nbsp;based booking platform Cleartrip&nbsp;for an undisclosed sum.&nbsp;Cleartrip buyout marks the fourth transaction sealed by the Walmart&nbsp;backed firm in one year.&nbsp;
Flipkart&nbsp;has said they will retain all employees of Cleartrip&nbsp;and continue to operate it as a different brand.
The acquisition moves Flipkart&nbsp;closer to the superapp&nbsp;strategy undertaken by the likes of Amazon and Paytm.&nbsp;

Cryptocraze back in headlines as Bitcoin climbed to an all-time high topping $64,000 as the largest cryptocurrency exchange debuted on Nasdaq with a $100

Cryptocraze&nbsp;back in headlines as&nbsp;Bitcoin climbed to an all-time high topping $64,000 as the largest cryptocurrency exchange debuted on Nasdaq&nbsp;with a $100 billion valuation.&nbsp; Coinbase, the largest crypto exchange in the United States, began trading at $381 per share, giving it a market cap of roughly $100 billion, but failed to sustain the gains.&nbsp; Bitcoin&nbsp;may have marked its comeback but watchers had their eye on Dodgecoin.&nbsp;&nbsp;The meme-cryptocurrency Elon Musk wouldn&rsquo;t stop tweeting about has reached an all-time high. Dodgecoin&nbsp;is now worth 10 cents.&nbsp; &nbsp;

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