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Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £147.0m
Enterprise Value £353.8m
Revenue £354.0m
Position in Universe 566th / 3000

Indian shares cling to slim gains after ratings cut

Tue 2nd June, 2020 6:44am
By Sethuraman N R
    BENGALURU, June 2 (Reuters) - Indian shares clung to narrow
gains on Tuesday as a surge in Kotak Mahindra Bank as well as
retail and hotel stocks helped offset the broader impact of a
ratings cut by Moody's, citing slow economic growth.
    The NSE Nifty 50 index  .NSEI  was up 0.6% at 9,877.60 by
0514 GMT, while the S&P BSE Sensex  .BSESN  rose 0.55 % to
33,481.77. The indexes had risen more than 1% earlier in the
session. 
    Moody's Investors Service downgraded India's credit rating
to a notch above junk, citing a prolonged period of slow growth,
rising debt and persistent stress in parts of the financial
system.  urn:newsml:reuters.com:*:nL4N2DE3HP
    "Markets are trying to look ahead given the situation which
is known from the fourth quarter results and outlook by
companies. People are hoping for the reopening of the economy,
which the market is trying to factor now," said Vinod Nair, head
of research, Geojit Financial Services Ltd.
    Shares of Kotak Mahindra Bank Ltd  KTKM.NS  rose as much as
8% after a report on Monday that promoter Uday Kotak will launch
a 60 billion rupees block deal to meet Reserve Bank Of India
regulations.  urn:newsml:reuters.com:*:nFWN2DE0D1
    "With the offloading in Kotak shares the tussle between the
Reserve Bank and promoters will go away and the floating stock
will increase the weightage in indices," said Saurabh Jain,
assistant vice president of research at SMC Global Securities in
New Delhi.
    The bank's shares were the top boost to the Nifty 50 index.
    Shares in India's retail and hotel chains also gained on
Tuesday as the government prepared to further ease lockdown
curbs from next week. Retailer Shoppers Stop  SHOP.NS  soared
nearly 20%.  urn:newsml:reuters.com:*:nL4N2DF18Q 
    Meanwhile, Asian stocks eked out gains as investors' focus
on the prospects of a global coronavirus recovery won out over
familiar worries about Sino-U.S. relations and the depth of
economic damage.  MKTS/GLOB 

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun
Koyyur)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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