India Ratings And Research
Ind-Ra upgrades issuer rating for Bank of India, cites capital position
State-owned lender has since FY21 reported consistent profitability, says agency
 "Ind-Ra upgrades issuer rating for Bank of India, cites capital position")
S&P cuts India's growth forecast for FY23 to 7.3%, sees inflation at 6.3%
The rating agency assumes that the Russia-Ukraine conflict is more likely to drag on and escalate than end earlier, pushing the risks to the downside
 "S&P cuts India's growth forecast for FY23 to 7.3%, sees inflation at 6.3%")
India Ratings slashes India's FY23 GDP forecast to 7%-7.2% from 7.6%
Ind-Ra's India GDP forecast cut comes a day after ICRA Ltd cut its FY23 growth forecast to 7.2 percent from 8 percent
 "India Ratings slashes India's FY23 GDP forecast to 7%-7.2% from 7.6%")
Ind-Ra upgrades Vedanta's long-term issuer rating to 'AA'; outlook stable
India Ratings and Research (Ind-Ra) on Tuesday said it has upgraded mining giant Vedanta Limited's long-term issuer rating to 'AA' with a stable outlook.
 "Ind-Ra upgrades Vedanta's long-term issuer rating to 'AA'; outlook stable")
Ind-Ra to disclose more ESG notes on ratings from January 2022
These disclosures will be part of rating action commentaries for all entities having listed securities, says the rating agency
 "Ind-Ra to disclose more ESG notes on ratings from January 2022")
Tightening of norms may increase NBFCs' headline NPAs by one third: Ind-Ra
Tightening of norms may increase non-banking finance companies' (NBFCs) headline non-performing advances (NPA) by around one third, India Ratings and Research (Ind-Ra) said.
 "Tightening of norms may increase NBFCs' headline NPAs by one third: Ind-Ra")
Ind-Ra maintains stable outlook for H2FY22 on domestic steel sector
Higher coking coal prices could moderate per-tonne EBITDA margins, but absolute EBITDA is likely to be adequately compensated by robust sales volumes and elevated price levels
 "Ind-Ra maintains stable outlook for H2FY22 on domestic steel sector")
Merchandise exports to grow 6.9% year-on-year in 2021-22: India Ratings
Some of the major export destinations for India's top-10 commodities, such as the US and parts of Europe, are expected to see strong import growth in 2021
 "Merchandise exports to grow 6.9% year-on-year in 2021-22: India Ratings")
MFI sector's credit cost seen at 5-10% in FY22: India Ratings and Research
India Ratings and Research revised upwards its credit cost estimate for microfinance institution (MFI) sector to 5-10 per cent in the current financial year compared to earlier 3-6 per cent
 "MFI sector's credit cost seen at 5-10% in FY22: India Ratings and Research")
No non-competing clause may prove a hurdle for pvt train operators: Ind-Ra
Could amplify cash flow risks for investors
 "No non-competing clause may prove a hurdle for pvt train operators: Ind-Ra")
Jio's post-paid plans indicate shift towards higher ARPU regime: Ind-Ra
Reliance Jio recently-announced post-paid plans indicate the telco's continued steps towards improving the industry-level average revenue per user, according to India Ratings and Research
 "Jio's post-paid plans indicate shift towards higher ARPU regime: Ind-Ra")
Print media revenue to fall by a fourth this year on massive Q1 hit: Ind-Ra
Revenue was two-third lower year on year in June quarter for major players, with 76% plunge in ad revenue, 32% in circulation
 "Print media revenue to fall by a fourth this year on massive Q1 hit: Ind-Ra")
Ind-Ra cuts banking outlook to negative on rising NPA, credit cost
As per Ind-Ra's bear case, the spike in stressed assets due to pandemic is expected to double the credit costs for banking system
 "Ind-Ra cuts banking outlook to negative on rising NPA, credit cost")
EBITDA margin of Print Media to shrink by 10% in FY21: India Ratings
India Ratings and Research on Friday opined that the overall 'EBITDA' margin of print media players are likely to shrink 10 per cent on a year-on-year basis in FY21
 "EBITDA margin of Print Media to shrink by 10% in FY21: India Ratings")
Eveready up 3% as India Ratings upgrades long term credit to 'IND BB+'
The upgrade reflects EIIL's improved liquidity position aided by deleveraging in 2HFY20, coupled with sustained profitability in FY20, India Ratings said in a press release
 "Eveready up 3% as India Ratings upgrades long term credit to 'IND BB+'")
Ind-Ra downgrades Haldia Petrochemicals to AA-minus with negative outlook
Ind-Ra said it has considered the standalone profile of HPL and has not consolidated the debt of 1.5 billion dollars taken at the asset level (Lummus) as the debt has been taken without recourse
 "Ind-Ra downgrades Haldia Petrochemicals to AA-minus with negative outlook")
Textile demand may decline 25-35% in FY21 due to slowdown: Report
The demand of yarn, fabric and apparels is set to remain muted throughout first half of the financial year 2020-21
 "Textile demand may decline 25-35% in FY21 due to slowdown: Report")
States' deficit, market borrowings to increase to 4.5% of GDP: Ind-Ra
State governments were already faced with a lower-than-budgeted share in central taxes and subdued own revenue growth, when the 21 days economic lockdown was imposed from March 25
 "States' deficit, market borrowings to increase to 4.5% of GDP: Ind-Ra")
Reserve Bank makes $21-billion cut to US treasury holdings in March
Central bank does huge OMO silently to control domestic bond yields
 "Reserve Bank makes $21-billion cut to US treasury holdings in March")
Covid-19: Construction in major centres halts, project delivery to worsen
Experts say things have come to a standstill and that it will take at least 3-4 months for the work to even begin
 "Covid-19: Construction in major centres halts, project delivery to worsen")
