Morning Buzz: Domino's, Pizza Hut cut rates, HDFC rejig splits retail loan division, and more

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Domino’s, Pizza Hut cut rates

Domino’s, the country’s largest pizza company, has nearly halved rates on large pizzas to compete with smaller rivals GoPizza, Tossin and Mojo Pizza. Prices of vegetarian large pizzas are down from Rs 799 to Rs 499 and those of non-veg large pizzas are from Rs 919 to Rs 549. Smaller QSR companies have a tighter control on costs and rely on creating a fan club on social media and not on mass advertising.  
(Economic Times)  

HDFC Rejig Splits Retail Loan Division

HDFC Bank has split its retail lending division into mortgage and non-mortgage segments. This is the first significant reorganisation after the bank was merged with HDFC Limited. Arvind Kapil will now oversee the mortgage business, which includes the home loan business and loan against property. Arvind Vohra will look after unsecured and vehicle loans.  
(Economic Times, Times of India, Business Standard, Financial Express)

FPI selling pulls markets to one-year low

Indian stock market indices dropped to their lowest level in one month after rising bond yields as well as hawkish comments from two Fed officials meant that rates are likely to stay higher for longer. The Sensex fell 0.5 percent of 316 points while the US 10-year bond surged to 4.7 percent. The RBI’s monetary policy committee is expected to meet on  October 6.  
(Business Standard)  

Indian Rating Upgrades Soar

There has been a secular improvement in the financials of rated companies for the third straight year as their debt servicing abilities improve. Infrastructure, automotive and cement companies were the ones that saw the most upgrades while textiles, jewellery and specialty chemicals saw headwinds. CRISIL, ICRA, CareEdge and IndiaRatings reported more upgrades than downgrades.  
(Economic Times, Financial Express, Times of India)