General Trading Chat

Riskyman

Well-Known Member
India's IL&FS unable to meet interest payment obligations - From Reuters News feed.

NEW DELHI, Sept 21 (Reuters) - India's Infrastructure Leasing & Financial Services (IL&FS) ILFSL.UL was unable to service its obligations on interest payments on non-convertible debentures that were due on Friday, the company said in a statement.

The company was also unable to meet its obligations for a letter of credit payment to IDBI Bank IDBI.NS , which were due on Thursday, it said in a stock exchange filing.

In recent days, the company has also said it has been unable to service its commercial paper obligations. On Sept. 15 IL&FS told the exchanges that it had received "notices for delays and defaults" in servicing some inter-corporate deposits.

Separately on Friday, IL&FS said its managing director and chief executive had resigned.
 

Riskyman

Well-Known Member
Biocon completed weekly sell 13 today.

Vivek
Biocon also painting huge divergence on weekly. However, given weakness in over all markets and USD/INR depreciation, money will look to hide in quality Pharma and IT stocks. So Biocon may push higher from here. Just my thoughts.
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i doubt bro, i feel market might have reacted to DHFL news alone. because defaul in a finance company could trigger another lehman brothers story happened in 2008
True. I was thinking because cash (delivery) volumes were soaring but action in F&O was not that high. Btw DSP MF sold 300 cr worth of debt paper over two days in DHFL which probably triggered this panic.
 

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