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India Ratings

Ind-Ra to monitor MTNL as interest payment default triggers govt guarantee

In July 2023, MTNL raised Rs 2,480 crore ($296.97 million) through 10-year government-guaranteed bonds at a semi-annual coupon of 7.59 per cent and the interest payment is due on July 20

Ind-Ra to monitor MTNL as interest payment default triggers govt guarantee
Updated On : 15 Jul 2024 | 9:56 AM IST

India Ratings downgrades state-owned RINL's term loans to default grade

RINL's liquidity is poor because of low-to-negative EBITDA generation against its significantly high debt repayment obligations

India Ratings downgrades state-owned RINL's term loans to default grade
Updated On : 09 Jul 2024 | 9:55 PM IST

Steel demand expected to grow in range of 9-12% in FY25: Ind-Ra report

The steel demand is expected to grow in the range of 9-12 per cent during the ongoing 2024-25 fiscal, according to India Ratings and Research (Ind-Ra). The demand will be supported by steady growth in the end-user industries such as automobile and infrastructure sectors, the rating agency said in a report on Tuesday. The agency forecasts the steel demand growth in the range of 9-12 per cent year-on-year for FY25, it said. "Raw material and finished goods prices are expected to be range-bound on a moderate recovery in global demand. "Domestic players are likely to see stable credit metrics, due to higher profitability and improved operating cash flows amid debt-led capex," Rohit Sadaka, Director and Head, Materials and Diversified Industrials at Ind-Ra, said. The agency further said that it expects the global steel demand to be steady with some moderation in China demand due to its transition to low carbon initiatives and moderate demand from the European Union (EU) but supported b

Steel demand expected to grow in range of 9-12% in FY25: Ind-Ra report
Updated On : 11 Jun 2024 | 5:43 PM IST

S&P Global will likely raise India's rating within 2 years, says Citi

S&P raised India's sovereign rating outlook to 'positive' from 'stable' on Wednesday, citing the country's strong economic fundamentals. It, however, kept the rating itself at 'BBB-'

S&P Global will likely raise India's rating within 2 years, says Citi
Updated On : 30 May 2024 | 10:47 AM IST

S&P revises India's outlook to 'positive', maintains 'BBB-' rating

S&P rating aligns with similar ratings from other global agencies, including Fitch and Moody's, which also assigned the lowest investment grade rating to India but with a stable outlook

S&P revises India's outlook to 'positive', maintains 'BBB-' rating
Updated On : 29 May 2024 | 2:06 PM IST

Growth in housing prices may moderate in FY25 to 5% annually: India Ratings

Housing demand and prices are likely to moderate this fiscal on a high base effect with sales expected to rise 8-10 per cent and rates by around 5 per cent annually, India Ratings and Research (Ind-Ra) said on Tuesday. The rating agency has maintained a neutral outlook for the residential real estate sector for the 2024-25 fiscal. "Absorption and prices are likely to be supported by affordability and stability of interest rates. However, given the high base of FY24, the growth rates are likely to taper down," Ind-Ra said in a statement. The residential real estate market registered a strong performance during the first nine months of the 2023-24 fiscal where the sales growth exceeded 25 per cent year-on-year (Y-o-Y) for the top eight real estate clusters, despite price increases and sticky interest rates. "With most regions witnessing a surge in prices, Ind-Ra expects the pre-sales growth to moderate to 8 to 10 per cent yoy in FY25. Inventory levels have also risen over FY24 in the

Growth in housing prices may moderate in FY25 to 5% annually: India Ratings
Updated On : 23 Apr 2024 | 2:54 PM IST

India Inc's credit quality remains healthy in H2FY24: Rating agencies

While commodity prices have softened, revenue of upgraded companies in the CRISIL rating pool grew by about 13 per cent in fiscal 2024 largely led by a pick-up in volume

India Inc's credit quality remains healthy in H2FY24: Rating agencies
Updated On : 01 Apr 2024 | 11:19 PM IST

Corporate downgrade-to-upgrade ratio inches higher in FY24: Report

Domestic rating agency India Ratings and Research on Monday said there was a marginal uptick in the corporate downgrade-to-upgrades ratio in FY24, when compared to the year-ago period. There were 312 upgrades as compared to 114 downgrades in FY24, which resulted in the ratio between the two coming at 0.37 per cent, which is marginally higher when compared to the 0.26 per cent in FY23, the city-based agency said. "The pace of upgrades moderated while at the same time downgrades increased, both of them marginally by about one percentage point," its head of credit policy group Arvind Rao said. However, the ratio at 0.37 per cent is still low, the agency said, attributing the performance of its rated entities to the continuing Indian growth story. Its associate director Suparna Banerji said the upgrades were witnessed in investment, consumption and service sectors, while the downgrades in the textiles and construction sectors. Meanwhile, its peer Care Ratings said it upgraded the rati

Corporate downgrade-to-upgrade ratio inches higher in FY24: Report
Updated On : 01 Apr 2024 | 10:45 PM IST

India Ratings lowers MFI sector outlook to 'neutral' from 'improving'

Flagging caution on overleveraging, the rating agency revised the outlook on the microfinance sector to 'neutral' from 'improving'

India Ratings lowers MFI sector outlook to 'neutral' from 'improving'
Updated On : 29 Feb 2024 | 6:47 PM IST

India's GDP growth likely to moderate to 6.5% in FY25: India Ratings

On the consumption side, India Ratings expects private final consumption expenditure to grow by 6.1 per cent in FY25, up from 4.4 per cent in FY24

India's GDP growth likely to moderate to 6.5% in FY25: India Ratings
Updated On : 22 Feb 2024 | 8:44 PM IST

Govt plans to raise capital spending as much as 20% in FY25: Report

The government is trying to raise capital spending on building infrastructure to as much as Rs 12 trillion ($144.59 billion) from the current year's plan of Rs 10 trillion

Govt plans to raise capital spending as much as 20% in FY25: Report
Updated On : 11 Jan 2024 | 10:42 AM IST

Pick up in consumption contingent on controlling inflation: Ind-Ra

The Indian economy is facing the challenge of lower consumption growth as high inflation is impacting people in the lower income bracket, India Ratings and Research Chief Economist Devendra Kumar Pant said on Sunday. He said although the country's economy is now resilient enough to deal with the dual shocks of below-normal monsoon and high global oil prices, the challenge is to bring down inflation so that people can have more disposable income in their hands. "One percentage point reduction in inflation will lead to 64 basis points increase in GDP or 1.12 percentage points increase in PFCE (Private final consumption expenditure) growth... If inflation can be brought down by 1 percentage point, it would be a win win," Pant said in an interview to PTI. PFCE denotes money spent by individuals on goods and services for personal consumption. As per the estimates of Ind-Ra, which is a subsidiary of global rating agency Fitch Ratings, PFCE would grow 5.2 per cent year on year in current

Pick up in consumption contingent on controlling inflation: Ind-Ra
Updated On : 07 Jan 2024 | 11:40 AM IST

Sebi slaps fine of Rs 3 lakh on India Ratings and Research for lapses

Markets regulator Sebi has slapped a penalty of Rs 3 lakh on India Ratings and Research for certain lapses. Sebi and the Reserve Bank of India conducted a joint inspection of the entity from August 22 to 29, 2022, and the period covered under the inspection was from August 1, 2021, to June 30, 2022. In its order, Sebi said the inspection findings brought out two instances where the entity was not complying with the requirements of the regulator's circular. The Securities and Exchange Board of India (Sebi) imposed the fine of Rs 3 lakh after taking into various mitigating factors, including that issuers and debenture trustees did not inform the rating agency about delay/ default on the payment of the NCDs (Non Convertible Debentures), investors were institutional investors and were adequately informed about the risks involved in the NCDs. According to Sebi, there was a delay by the rating agency in recognition of a default done by Altico Capital India, and another instance was the .

Sebi slaps fine of Rs 3 lakh on India Ratings and Research for lapses
Updated On : 01 Dec 2023 | 10:52 PM IST

GMR group to raise Rs 3,200 cr loan for developing Vizag int'l airport

GMR Group holds the airport business under the airport holding company, GMR Airports Ltd (GAL)

GMR group to raise Rs 3,200 cr loan for developing Vizag int'l airport
Updated On : 12 Nov 2023 | 10:47 PM IST

SBI mulls to raise up to Rs 10,000 cr tier-II bond issue next week

The bonds are rated AAA by consulting and rating firms CRISIL and India Ratings

SBI mulls to raise up to Rs 10,000 cr tier-II bond issue next week
Updated On : 26 Oct 2023 | 9:03 PM IST

India Ratings downgrades Vedanta's long term rating from 'AA' to 'AA-'

Ind-Ra consistently takes a consolidated perspective of VDL and its subsidiaries, collectively referred to as the VDL group, owing to their intertwined strategic, operational, and financial ties

India Ratings downgrades Vedanta's long term rating from 'AA' to 'AA-'
Updated On : 12 Oct 2023 | 8:26 AM IST

Ind-Ra downgrades Sterling and Wilson Renewable Energy in 'default' grade

Ind-Ra highlighted concerns that the company's operating cash flows would not be adequate to address its upcoming debt obligations in October 2023

Ind-Ra downgrades Sterling and Wilson Renewable Energy in 'default' grade
Updated On : 11 Oct 2023 | 10:37 PM IST

ADB lowers FY24 GDP forecast to 6.3%, India Ratings raises it to 6.2%

ADB has, however, retained FY25 growth forecast at 6.7 per cent, citing rising private investment and industrial output are expected to drive growth

ADB lowers FY24 GDP forecast to 6.3%, India Ratings raises it to 6.2%
Updated On : 20 Sep 2023 | 10:45 PM IST

India Ratings revises GDP growth estimate for FY24 to 6.2% from 5.9%

India Ratings and Research on Wednesday upwardly revised its FY24 real GDP growth estimate to 6.2 per cent from the 5.9 per cent expected earlier. The domestic ratings agency attributed its revision to a variety of factors, including the government's capital expenditure, deleveraged balance sheets of India Inc and banks, subdued global commodity prices and the prospect of private capital expenditure picking up. India Ratings, however, also flagged some constraints on Gross Domestic Product (GDP) growth in the current fiscal year before the general elections, including a slip in global growth, which has hit Indian exports, tighter financial conditions upping cost of capital domestically, a deficit monsoon, and tepid manufacturing growth. "All these risks will continue to weigh and restrict India's GDP growth to 6.2 per cent in FY24, and the quarterly GDP growth, which came in at 7.8 per cent in the June quarter, is slated to slow down sequentially in the remaining three quarters of .

India Ratings revises GDP growth estimate for FY24 to 6.2% from 5.9%
Updated On : 20 Sep 2023 | 3:47 PM IST

India's current account deficit seen falling to $10 bn in Q1: India Ratings

With falling trade deficit, India's current account deficit is likely to narrow to around USD 10 billion or 1 per cent of GDP in the April-June quarter of the ongoing fiscal, according to India Ratings. The country's current account deficit (CAD) stood at USD 18 billion or 2.1 per cent in the corresponding period of the previous fiscal. However, the agency expects CAD to rise in the second quarter of the current fiscal as it sees merchandise exports declining below USD 100 billion after a gap of eight quarters. Imports are expected to be around USD 163 billion during the period, up from a seven-quarter low of USD 160.3 billion witnessed in Q1 FY24, due to increase in crude prices since July. This will have the overall trade deficit printing in at a three-quarter high of USD 64 billion, the rating agency said. Another reason is the moderation in services demand since June due to the slowdown in the global economy. Global services PMI stood at a five-month low of 52.7 in July. Thus,

India's current account deficit seen falling to $10 bn in Q1: India Ratings
Updated On : 28 Aug 2023 | 5:44 PM IST