Page 24 - Icra

Govt extends ECLGS by one year, expands scope for contact-intensive sectors

Eligible borrowers in hospitality and related sectors, except civil aviation, can avail up to 50% of their highest fund based credit outstanding

Icra lowers FY23 GDP forecast to 7.2% on higher prices, supply disruption

Rating agency cites impact of ongoing Ukraine war, China lockdowns

ICRA lowers India's FY23 GDP growth forecast to 7.2% from 8%

Ratings agency ICRA has lowered India's FY23 GDP growth forecast to 7.2 per cent from an earlier projection of 8 per cent.

Coal prices may stay elevated throughout FY23, says ICRA

With international coal prices increasing further now, this trend in likely to continue in FY23 as well, putting pressure on domestic miners to ramp up production

Domestic broking industry's revenue growth to moderate in FY23, says ICRA

For the ongoing fiscal year, the industry is expected to clock record revenues of Rs 28,000 crore, which will be around 30 per cent higher than those in FY21

Andhra HC order upholding PPAs positive for renewable energy sector: ICRA

The High Court of Andhra Pradesh upholding the sanctity of PPAs (power purchase agreements) is a positive development for the renewable energy sector, ICRA said on Wednesday. The High Court of Andhra Pradesh vide its order on March 15, 2022 in the matter of PPA tariff renegotiation for wind and solar power projects, has directed the state discoms to honor the terms of the signed PPAs and clear the pending payments, as per the agreed tariff under the PPA within six weeks from the date of the order. "The order issued by the AP High Court upholding the sanctity of the signed PPAs is a significant positive development for the renewable energy sector and thus, will provide a major liquidity relief for the affected IPPs in the state," Girishkumar Kadam, Senior Vice President & Co-Group Head - Corporate ratings, ICRA, said in the statement. According to Kadam, pending resolution of PPA tariff renegotiation matters has been a key concern for the RE sector and in turn affected the credit ..

Why the Russia-Ukraine conflict may put the brakes on Indian fuel imports

Demand for all oil products may grow at only 2-3% in FY23, slower than the current fiscal and nearly half the 5.5% growth estimated by the petroleum ministry, according to industry officials

Ukraine war: Icra sees serious downside risks to growth; CAD to cross 3.2%

The highest CAD was in FY13 when it crossed the 4.8 percentage points and the second high was in FY12 when it was at 4.3 per cent

Ukraine war has states paying highest for debt at 7.29%, says report

The average cut-off or cost of borrowing shot up to 7.25 per cent for 10-year SDLs, reflecting the sharp surge in crude oil prices after Russia invaded Ukraine

Domestic aviation industry may report Rs 26,000 cr loss this fiscal: Icra

The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24

Russian invasion of Ukraine and Budget 2022

While Russia's invasion of Ukraine doesn't quite throw Budget 2022 out the window yet, it does mean the fiscal maths will need a significant re-look.

'Strong demand outlook for domestic solar OEMs aided by policy measures'

Business prospects of domestic solar original equipment manufacturers (OEMs) will remain strong aided by several policy measures over medium-term, rating agency Icra said. As a result, many domestic OEMs have announced sizeable capital expenditure to augment the cell and module capacity, including the capex for integrated facilities under PLI scheme by the winning bidders. However, it stated that timely commissioning and ramping up of ongoing capex in module manufacturing value chain remains a critical factor in the near to medium-term. As a result, adequacy of the modules from the domestic OEMs to meet the demand in utility & non-utility segment as well as quality of such modules remains a monitorable. "The policy focus by Government of India in the renewable energy (RE) sector remains strong as also evident from the policy target of 500 GW of non-fossil fuel-based capacity by CY 2030 as well as policy direction in the energy transition with net zero emission target by 2070," ...

PLI scheme to unlock India's manufacturing capacity, says Icra

It has the potential to generate employment for millions (skilled and unskilled labour) in India, Icra said

Asset quality issues to affect realty-focused non-banks till FY23: Study

The real estate AUM of non-banks contracted by 17.64 per cent to Rs 2.8 lakh crore as of March 2021 from Rs 3.4 lakh crore as of March 2019

Housing finance players loan portfolio to grow at 8-10% in FY22: Report

Going forward, the growth trend is expected to continue, driven by healthy demand in the industry, increasing level of economic activity and increasing vaccination in the country, Icra ratings said

Domestic air passenger traffic falls 43% to 6.4 mn in January: Icra

The rating agency said it is expecting the recovery process to remain subdued during March quarter and that the jet fuel prices continue to be a drag on the sector

Rating agency ICRA lowers MFI asset growth estimate to 12-14% for FY22

Next year to be better; but spurt in Covid-19 cases poses risks

MFIs' assets under management likely to grow at 18-22% in FY2023: Report

ICRA on Monday revised downwards the FY2022 growth outlook for assets under management (AUM) of NBFC-MFIs to 12-14 per cent but expects it to improve to 18-22 per cent in the financial year 2022-23.

'Domestic 2-wheeler sales dip 21% in Jan; recovery likely in coming months'

The low year-on-year sales volume in January highlights the adverse impact of price hikes, fuel inflation, and Omicron-related concerns on consumer sentiments, says ICRA

Budget prioritises growth over fiscal consolidation: ICRA Limited MD

The Budget has pencilled in modest 6.0 per cent growth in revenue receipts, dampened by a contraction in non-tax revenues