Page 26 - Icra

Muthoot Finance to raise Rs 1,000 crore via NCDs to fund business growth

The issue opens on September 27, 2019 and closes on October 25, 2019

Banks slippages to continue due to stress from various sectors: ICRA

The private banks, due to their higher credit cost in FY20, will see muted RoE at 9-10 per cent

Free trade agreements, EU slowdown threaten Indian apparel exports: Icra

The impact though, is expected to be cushioned by the transitory increase in export incentives till December 2019

Tax cuts will attract FDI in manufacturing, benefit auto industry: Icra

Indian auto manufacturers have imported components worth $17.6 billion during 2019-20 (till now) and this is likely to increase further in 2020-21 given the transitionary phase towards stricter safety

Icra sees FY20 steel demand growth shrinking to 5-6% from 7.9% in FY19

Industry's total debt/OPBITDA seen at 4.5 times in FY20 vs 3.5 times in FY19

Growth of IT services firms to remain in 6-8% range in FY20, says Icra

Adoption of digital technologies has reached inflexion point and is triggering large scale re-architecture programs

Slowdown-hit auto components' outlook revised from stable to negative: Icra

Further, liquidity issues across the aftermarket dealer channel have led to de-stocking, curtailing fresh demand from component manufacturers, it added

ICRA downgrades Indiabulls Housing long-term ratings to AA+ from AAA

The realty sector has been hit by subdued sales and rising challenges on the funding front, said ICRA

GDP growth expected to print sub-6.5% in FY20: ICRA's Aditi Nayar

Government spending was the key driver of GDP growth in Q1 FY20. The outlook for the same appears somewhat mixed

ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar

The ICRA board said it would commence a search for Takkar's replacement, adding that Vipul Agarwal, remains responsible for the day-to-day operations of the firm until a CEO is appointed.

Moody's Indian arm ICRA terminates MD and Group CEO Naresh Takkar

According to sources, the decision of Takkar's termination follows the findings of an internal inquiry, which was initiated by the agency in May

Icra terminates services of MD and CEO Naresh Takkar with immediate effect

The board of rating agency ICRA, an affiliate of Moody's, on Thursday terminated the services of its Managing Director and CEO Naresh Takkar, following appearance of his name in the IL&FS case. "The board of directors of ICRA Limited, at a meeting today, after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Naresh Takkar as Managing Director and Group CEO of ICRA, effective immediately," ICRA said in a regulatory filing. The ICRA board will commence search for a replacement, it said. Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog Sebi. Vipul Agarwal, who was appointed Interim COO on July 1, 2019, remains responsible for the day-to-day operation of the Company until a CEO is appointed, ICRA said. "ICRA remains committed to ensuring the independence and integrity of its ...

Icra terminates employment of MD and Group CEO Naresh Takkar

The ICRA Board will commence a search for a replacement

April-June fiscal deficit hits 61.4% of FY target; touches Rs 4.32 trn mark

Data by the Controller General of Accounts showed that total expenditure for April-June was Rs 7.22 trillion

ICRA downgrades YES Bank's long-term rating for bonds worth Rs 32,911 crore

Ratings on bonds worth Rs 22,111 crore was downgraded one notch, while that for bonds worth Rs 10,800 crore was downgraded two notches

Govt's borrowings increasingly being used to pay interest on past loans

Less portion being used to pay for the current expenditure

Real Madrid tickets to Fitbit shirts: Gifts by IL&FS for favourable ratings

From tickets for a Real Madrid football match and hefty discounts on a luxurious villa to a Fitbit watch and shirts, a probe into the high-profile IL&FS scam has found numerous cases of favours and gifts extended by the erstwhile top management to senior officials of rating agencies and their family members. While the continuing probe has already led to CEOs of two rating agencies having been sent on leave by their respective boards, fresh details have emerged about suspected attempts by the former top management personnel of IL&FS Group to influence the rating agencies and their top officers for high credit ratings. The new board of IL&FS, which was appointed by the government after massive defaults by the group to the tune of over Rs 90,000 crore and suspected wrong-doings by the former top management, had mandated Grant Thornton to carry out a forensic audit. In an interim forensic audit report on role of credit rating agencies engaged by the erstwhile management, Grant

MDs on 'forced' leave, but it's business as usual for ICRA and Care Ratings

The reason for both the officials being sent on leave is the same - an anonymous complaint received by the market regulator against the agency

Icra downgrades McLeod to default in fourth rating action since April

Move follows recent delays in meeting debt obligations and comes on heels of firm's annual results and auditor's concerns on its ability to continue as a going concern

ICRA shares tumble over 6% as MD and CEO Naresh Takkar sent on leave

Shares of rating agency Icra tumbled over 6 per cent Tuesday after the company decided to send its managing director and chief executive Naresh Takkar on forced leave, pending an enquiry into the "concerns" raised by capital markets watchdog Sebi. The scrip declined 6.41 per cent to Rs 3,012 on the BSE. At NSE, shares tanked 5 per cent to Rs 3,000.05. The agency has appointed chief financial officer Vipul Agarwal as the interim CEO who will be reporting to the board, according to a company filing on Monday. Action against Takkar has been taken "pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India", said the agency. Though the agency did not share the exact reasons for the unprecedented step, which is a first in the industry, it can be noted that the move comes at a time when rating agencies are under a cloud following the IL&FS debacle.