Page 7 - Care Ratings

Mainak resigns as CARE Ratings chief after Sebi asks for his removal

Mainak accused of interfering with the ratings of IL&FS, says a forensic report.

Mainak resigns as CARE Ratings chief after Sebi asks for his removal

Consultancy firm EY earlier this week gave Sebi a report recording employee statements, WhatsApp messages and call recordings of CARE employees

CARE Ratings drops 8% as Chairman Mainak steps down after forensic probe

This is the second setback for the rating agency in as many months. Earlier in December 2019, the company's managing director and chief executive officer (MD & CEO) Rajesh Mokashi had stepped down

Time to act is now! PSBs are fast losing market share to private peers

The truth is - falling market share of state-run banks is not something many will want to comment on record

Care Ratings slips 16% in two days as investors pocket profits

In eight trading days -- between December 23, 2019 and January 2, 2020 -- the stock rallied 46 per cent on the back of fund buying

New project announcements during April-December period shrink 29%

A study by CARE Ratings shows that new project announcements by the government tumbled 44%, while those in the private sector fell 19%

Large, medium enterprises see 7-year fall in credit quality in April-Dec

The asset quality deteriorated for small enterprises (SMEs) as well but with lesser intensity, according to CARE Ratings

Steel producers raise prices by Rs 1,000-1,500 a tonne as demand perks up

India's iron ore imports tumbled 90 per cent year-on-year during April-October, after a sharp escalation of 172 per cent in the comparable period last year, said CARE Ratings in its report

Credit rating agencies in focus; CARE Ratings surges 19%, ICRA 10%

Most of the credit rating agencies had reported de-growth in their operational revenue during the first half of financial year 2019-20 (FY20).

States likely to step up borrowing in 4th quarter for social expenditures

Almost all states have raised much more debt than at the same time last year, except Maharashtra.

CARE downgrades Hindustan Aeronautics' rating as receivables rise

HAL is majorly owned by the government and has a strategic role in the defence programme.

IL&FS case: Sebi imposes Rs 25 lakh fine on rating agencies ICRA, CARE

The regulator has given 45 days for the payment of penalty, which was levied under Section 15HB of the Sebi Act.

IL&FS case: Sebi fines ICRA, CARE Rs 2.5 mln each for poor due diligence

Markets regulator Sebi on Thursday imposed a penalty of Rs 25 lakh each on rating agencies ICRA and CARE for failing to exercise "due diligence" while assigning credit rating to the non-convertible debentures of IL&FS. Sebi also said the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies. The case relates to the default committed by IL&FS and its subsidiary IL&FS Financial Services on their obligations in respect of the commercial paper, inter-corporate deposits (ICDs), as well as on interest payments related to the non-convertible debentures (NCDs). The regulator undertook an examination with respect to the role of the credit rating agencies (CRAs), including CARE Ratings Ltd and ICRA Ltd, in assigning rating to various NCDs of Infrastructure Leasing and Financial Services (IL&FS). According to Sebi, IL&FS and its group companies' financial parameters, especially short-term borrowings, ...

CARE ratings sees higher counterparty risk from Telangana discoms

CARE Ratings has maintained a negative outlook for 13 solar generators that are selling electricity to financially-stressed distribution companies (discoms) in Telangana

CARE Ratings MD Rajesh Mokashi resigns, TN Arun Kumar to act as interim CEO

CARE Ratings on Friday said its Managing Director Rajesh Mokashi has tendered his resignation. Mokashi was sent on leave by the company in July. The order had said that he would be on leave till the company had examined an anonymous complaint against him sent to the Securities and Exchange Board of India (Sebi). "While the board of CARE Ratings at today's (Friday) meeting have taken on record the said resignation, the same is without prejudice to the ongoing examination of anonymous complaints forwarded to CARE Ratings Ltd and any action, if required to be taken pursuant thereto," the rating agency said in a regulatory filing. T N Arun Kumar will continue to act as the interim chief executive officer of the company. It was reported that the complaint on ICRA was about interference by the rating firm's top executives in assigning top investment-grade ratings to Infrastructure Leasing and Financial Services (IL&FS) and its subsidiaries last year. The government had removed ...

CARE downgrades PC Jeweller deposits to 'B' on stressed liquidity

Significant erosion in m-cap since 2018 had a weakening effect on PCJ's financial flexibility and its liquidity

CARE downgrades Dish TV's short term ratings on weak liquidity position

The company also has sizeable debt repayments in the near term

CARE downgrades rating on Vodafone-Idea's long-term bank facilities, NCDs

The credit rating has been revised to BBB- from A- on long term bank facilities and to BBB- from A- in case of non-convertible debentures

Sidestepping growth slowdown: Upscale business hotels see surge in bookings

However, according to industry estimates, there is a shortage of close to 100,000 rooms across different categories

Finance, IT lead in job creation, capital-intensive sectors in cuts: CARE

The report shows that job growth, which had picked up by 2016-17, slumped in the two succeeding years - 2017-18 and 2018-19