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Corporate Credit
India Ratings and Research (Ind-Ra) on Tuesday said corporate credit profile continued its robust performance in the first half of the current fiscal with 202 issuers getting rating upgrades. Large corporates and A-rated corporates witnessed a higher number of upgrades in the first half of the fiscal, taking the downgrade-to-upgrade (D/U) ratio to a low at 0.31 for the first half, said Arvind Rao, Head of Credit Policy Group, Ind-Ra. "The corporate credit profile continued its robust performance in 1HFY25, the fourth year in a row. During this period, Ind-Ra upgraded the ratings of 202 issuers, representing 20 per cent of the reviewed portfolio, while the ratings of 62 issuers were downgraded," Ind-Ra said in a statement. Rao further said that the D/U ratio is expected to moderate marginally in the current fiscal, compared to 0.37 in the 2023-24 fiscal. "We expect issuer rating upgrades to outpace downgrades in the second half of the current fiscal," Rao said. Ind-Ra said that dur
The government may relax the requirement of making payments to MSMEs within 45 days of buying goods and services to check large corporate from looking at other sourcing avenues, sources said. The announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the Income Tax Act made by MSMEs during pre-Budget consultations, sources said. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. MSMEs fear that due to this provision, large buyers could cold-shoulder MSME suppliers and
PayCraft, a fintech entity in online and offline payments processing, on Tuesday said it launched One Nation Corporate Card in partnership with NSDL Payments Bank and National Payments Corporation of India (NPCI). The Mumbai-based company said the card, built on an indigenously developed multi-wallet platform with transit issuance and processing capability, serves as a tax benefit instrument for corporate employees. The card also comes with a corporate expense management platform for the employer to manage their expenses digitally. "The One Nation Corporate Card will be offered to the Indian customers pan-India from June end. We aim to service a million customers both corporates and SME employees pan-India within 24 months of our launch," said Ambarish Parekh, CEO of PayCraft. Built on National Common Mobility Card (NCMC) specifications with offline enabled, these cards will advance the Government of India's vision of One Nation One Card, the company said. It also offers a solutio