Page 2 - Care Ratings

Care Ratings Q4 results: Net profit surges 35% to Rs 34.8 crore

Care Ratings on Friday reported a 35 per cent jump in its standalone net profit at Rs 34.8 crore in the fourth quarter ended March 31, 2024. The domestic rating agency had a profit after tax of Rs 25.9 crore in the January-March quarter of the 2022-23 fiscal. Total income rose 13 per cent to Rs 88.5 crore during the March quarter, Care Ratings said in a late night regulatory filing on Thursday. For the 2023-24 fiscal, the standalone net profit rose 15 per cent Y-o-Y to Rs 119.4 crore. Total income also grew 15 per cent to Rs 330 crore in the 2023-24 fiscal. The board of Care Ratings has declared a final dividend of Rs 11/share, which will take the total declared for the year to Rs 18/share. Shares of Care Ratings were trading at Rs 1,104.20 on Friday in early trade on BSE, up 0.29 per cent over the previous close.

Sebi gives approval to CARE Ratings' subsidiary to provide ESG ratings

Capital markets regulator Sebi has given approval to CARE Ratings Ltd's subsidiary CARE ESG Ratings to provide environmental, social, and governance (ESG) ratings. Such ratings will enable the issuers to discern steps for the betterment of their sustainability performance. Having received the registration under the Sebi (Credit Rating Agencies) Regulations on May 2, 2024, CARE ESG Ratings Ltd will commence its ESG rating activity, according to a statement issued by CareEdge Group on Friday. "With the use of ESG ratings, a sustainable growth journey of businesses can get an independent viewpoint. A business can now assess its relative position and take action to strengthen its sustainability policies & practices. Investors and stakeholders have adopted new perspectives on ESG-based reporting, and performance, both domestically and internationally," Mehul Pandya, MD and Group CEO of CareEdge, said. Last month, Sebi gave clearance to ICRA's subsidiary Pragati Development Consulting .

Care Ratings upgrades Axiscades long-term bank facilities at 'CARE A-'

Engineering solutions provider Axiscades Technologies Ltd (ACTL) on Thursday said Care Ratings has upgraded its ratings on the company's long-term bank facilities, on account of factors, including improvement in capital structure and stable operational performance. "Care Ratings has upgraded its long-term bank facilities at CARE A- with a stable outlook and short-term facilities at CARE A2+ from CARE BBB+ - stable and CARE A2, respectively," Axiscades Technologies said in a statement. The ratings agency has taken into account factors like improvement in the capital structure of the company following a fundraise of Rs 203 crore in January, stable operational performance in the April-December period of FY24 among others while upgrading the ratings, the statement said. Of Rs 203 crore, the company earmarked Rs 158 crore for debt repayment while the balance Rs 45 crore is for utilisation towards general corporate purposes. ACTL CEO and MD Arun Krishnamurthi said, "This upgrade reaffirm

Stocks to Watch today: Zee, Sun Pharma, Lupin, NTPC, PCBL, Care Ratings

Stocks to watch on Monday, December 18, 2023: Shares of Zee Entertainment are likely to be in focus as company seeks an extension to complete the proposed merger with Sony India.

Rising cost of funds may squeeze bank NIMs by 30 bps more: CARE Ratings

Banks are still grappling with policy rate hikes on deposits, along with regulatory actions on unsecured lending

Sebi issues warning to Care Ratings and orders corrective measures

The market regulator has advised the rating agency to take corrective steps, rectify discrepancies and submit the action taken report (ATR) to Sebi within 30 days

WPI turns positive after 8 months in November as food, mineral prices jump

The uptick in factory gate inflation comes days after retail inflation bucked the downward trend and touched a three-month high in November due to a seasonal spike in vegetable prices

CARE downgrades ratings for Shapoorji Pallonji & Co's term loan to 'BBB'

Delay in securing working capital limits triggers rating action

Deposits mobilisation overtakes credit in fortnight; credit up 16%

According to Reserve Bank of India data, sequentially, loans grew by Rs 1.28 trillion from Rs 148.52 trillion as on October 20, 2023

GMR Airports to raise upto Rs 50 bn through debentures to retire old debt

In talks to tie-up funding for airport in Andhra Pradesh

India-Canada strife unlikely to hit education loans growth: CARE Ratings

CARE Ratings indicated that Indian students in Canada contribute nearly CAD 10 billion annually, a figure projected to rise in the long term

Banks to report healthy bottom line on high credit growth, low credit costs

NII, a key earning source for lenders, may show higher growth in private banks (24.4 per cent Y-o-Y) compared to public sector banks (12.1 per cent Y-o-Y) in Q2FY24

Corporate credit ratings stable in H1FY24 despite global headwinds: CARE

Rating upgrades outnumber downgrades in Apr-Sep 23; global slowdown begins to bite export oriented units

HDFC Bank merger helped boost credit offtake to 19.7%: Care Ratings

The merger of HDFC with HDFC Bank has pushed credit offtake by an incremental 500 basis points to 19.7 per cent for the fortnight to July 28, excluding which the system-wide lending growth was only 14.7 per cent on-year, according to a report. The largest pure-play mortgage lender HDFC merged with its own banking subsidiary on July 1 in a record USD 40 billion all stocks merger, creating a banking behemoth with a balance sheet of over Rs 23 lakh crore. Credit offtake continued to show robust growth, increasing by 19.7 per cent on-year to reach Rs 148 lakh crore for the fortnight to July 28. This was primarily driven by the impact of the HDFC-HDFC Bank merger as well as growth in personal loans and loans to NBFCs, Care Ratings said in the report. If the merger impact is excluded, credit grew at a lower 14.7 per cent on-year for the fortnight, it noted. Deposits too witnessed healthy growth, increasing by 12.9 per cent for the fortnight, including the merger impact. Growth has not b

Indian Overseas Bank soars 15% as Care Ratings assigns 'A1+' rating to CoD

The rating for Rs 10,000-crore certificate of deposits (CoD) factors-in the long track record of operations, comfortable capitalisation levels, diversified advances book and deposit base

Deposits shrink Rs 59,623 cr, credit down Rs 6k cr in May 19 fortnight

CARE Ratings said the credit-to-deposit ratio has been generally trending upward since the latter part of FY22

Care Ratings, Equitas SFB form bullish patterns on charts; time to buy?

On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the key support for Nifty stands at 18,200.

Number of cases under IBC gone up by 24% in Q4FY23, says CARE Ratings

Only 10per cent% have ended in approval of resolution plans, while 31 per cent remain in the resolution process vs. 35 per cent as of the end of March 2022

Road projects under HAM face funding, execution challenges: Report

The report which was released on Thursday, highlighted the current state of the Indian Road Sector, the performance of road projects under HAM projects

After debt resolution, Essar Oil lines up Rs 1,200-crore capex

Post implementation of its resolution plan in December 2022, the company has been making debt repayments for the last two quarters ended March 2023