Page 3 - Care Ratings

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

Sebi bars ex-Care Ratings MD & CEO Rajesh Mokashi for two years

The market watchdog has relied upon exchanges and messages on WhatsApp by the members of the rating committee lamenting the repeated interference by Mokashi

Sebi bans ex-CEO of Care Ratings for 2 yrs for violating securities law

India's market regulator on Thursday barred the former chief executive of Care Ratings Ltd from the securities market for two years for violation of rules

CARE upgrades outlook on Vodafone Idea to positive; reaffirms ratings

The ratings, however, remains underpinned by VIL's deteriorated financial risk profile, wherein, the tangible net-worth has eroded

Indian banks to issue bonds to maintain capital levels: CARE Ratings

"To support credit-off take, banks are expected to shore up their liability franchise by raising capital (AT1 bonds, other debt instruments such as infrastructure bonds) and deposits," it said

PSBs write off Rs 29,000 cr in Q3FY23 as part of a clean-up exercise

According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021

Municipal corporations may issue bonds worth Rs 1000 cr in next 3 months

Indore announces green bond issuance for Rs 244 cr, amount raised will be used to set up solar power plant

CARE Ratings surges 7%, hits 52-week high in subdued market

In past one month, the stock has outperformed the market by surging 20 per cent, as compared to 3 per cent decline in the Sensex.

Maharashtra top performer on finances, social indicators, finds study

The rankings, released by CareEdge also painted a favorable picture of Gujarat, while India's most industrialised state of Tamil Nadu ranked third with an edge in social and governance categories

Care Ratings upgrades Hinduja Leyland Finance's long-term debt to AA

HLF is undergoing a reverse merger, which will help it get listed soon. The company also mobilised Rs 910 crore fresh capital from QIBs in October 2022, and improved its capital adequacy

Credit offtake grows 17.5% for fortnight ended Dec 2: CARE Ratings

The growth is driven by a low base, NBFC, retail credit, higher working capital demand driven by inflation and improvement in capacity utilisation ratio, and rising demand for fresh capex

Nov inflation down, RBI's rate hike in Feb could be modest: CARE Ratings

With core inflation continuing to be high, credit rating agencies like Acuite Ratings & Research and CARE Ratings do not expect any significant downtrend in the retail inflation for the next few months.

India's CAD likely to shoot up as net exports hit nine-year low

CAD in Q1 of 2013 was 4.9 per cent of GDP, while net exports stood at 5.93 per cent of GDP

Price hikes may not stall cement companies' profit dip: CareEdge

Operating profit margins likely to contract by 320-380 basis points to 16.3-16.8 per cent in FY23, says CareEdge Ratings, as input cost pressures remain