Companies with exposure to the Brazilian markets, which saw their shares slide following a rating downgrade of Brazil saw some recovery in their prices today.
Torrent Pharma gained almost 3 per cent, Glenmark Pharma was up almost 2 per cent and United Phosphorus was up 1 per cent. Several other companies like KEC and Renuka Sugars also have a presence in Brazil and their shares were trading with gains.
On Thursday, noted rating agency S&P downgraded the rating of Brazil to junk. A downgrade of the rating implies it could be risky for business prospects as the fundamentals of the country remain weak.
Brazil is a major player in the commodity space and the recent fall in commodity prices is not good news for the country. It has also been witnessing some political turmoil in the last few months.
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