Page 34 - Icra

Covid-19 impact: ICRA downgrades TAJGVK Hotels & Resorts credit facilities

: Rating agency ICRA has downgraded TAJGVK Hotels & Resorts Limited long-term loans and short-term credit facilities. The low rating was on account of expected decline in revenue and margins during this financial year, the hotel chain said. In a filing with stock exchanges on Monday, the ICRA downgraded TAJGVK Hotels long-term loans aggregating Rs 165.63 crore and short-term, fund-based limits (Rs 30 crore). The companys earnings would be weak during Q2 FY 2021 and this trend is expected to continue over the next several quarters with continued muted demand, the rating agency said. With sharp fall in operating profits, the debt coverage indicators are likely to deteriorate in FY 2021, ICRA further said. The company's reported meagre revenues of Rs 3.3 crore and operating losses in Q1 FY 2021 owing to the pan-India lockdown resulted in only one of its six properties apart from Taj Santacruz, which is under a JV with a GVK group company, being operational during the .

ICRA downgrades TAJGVK's credit ratings of long-term loans, others

TAJGVK Hotels and Resorts said ICRA downgraded the credit ratings of its long-term loans and short-term credit facilities on account of revenue and margin decline

Status quo policy regardless of late MPC member induction: Experts

While new members will be domain experts, it would be too early for them to properly grasp of the situation once they get to see a tiny picture of the real economic scene at hand

Credit metrics of leading pharma companies to remain stable: ICRA

The global demand scenario for Indian pharmaceutical industry is largely expected to remain stable due to inelastic nature of prescription drugs, investment information agency ICRA has said.

IL&FS case: Sebi raises penalty to Rs 1 crore each on ICRA, CARE

Markets regulator Sebi on Tuesday enhanced the penalty amount to Rs 1 crore each on rating agencies ICRA and CARE in connection with lapses on their parts while assigning credit rating to non-convertible debentures of IL&FS. The crisis at diversified IL&FS, whose board was superseded by the government, came to light in September 2018 and since then, the company as well as related entities have come under the regulatory lens. The regulator, in December 2019, had imposed a fine of Rs 25 lakh each ICRA and CARE Ratings in the matter saying the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies. While the regulator came down heavily on the rating agencies with sharp observations but it was felt that the same was not reflected in penalty, several experts said. Sebi examined the order passed by Adjudicating Officer (AO) and observed that the penalty levied by AO appeared to be erroneous and not commensurate

Covid-19 impact: Air India Express' short-term loans get ICRA downgrade

The rating also takes into account AIEL's stretched credit profile, characterised by negative net worth and a high outstanding to Air India and other vendors

Brokerage industry's revenues expected to reach Rs 23,000 cr in FY21: Icra

With increasing retail investor activity and a surge in trading volumes, the domestic brokerage industry's aggregate revenues are expected to reach Rs 23,000 cr in FY21, marking a YoY growth of 10-12%

Govt's stake divestment to be credit negative for public sector banks: Icra

The proposed divestment of the Centre's majority stake in certain PSBs will be credit negative for these lenders, ratings agency ICRA said

Divesting majority stake credit negative for PSBs leaning on govt: Icra

Their credit ratings have been primarily supported by their sovereign ownership and their stable deposit base, which again is a function of their ownership

Divesting majority stake in PSBs will be 'credit negative' for them: Icra

Divesting majority stake in state-run lenders by the government will be "credit negative" for such public sector banks (PSBs), a domestic ratings agency warned on Thursday

India's factory output contraction eases to 10.4% in July: IIP data

Rating agency ICRA had expected a single-digit contraction in the upcoming print for the Index of Industrial Production for July 2020

Crisil projects wider GDP contraction for FY21 at 9%, from 5% earlier

Attributes it to Covid-19 cases and lack of stimulus from govt

ARCs facing slowdown in recoveries due to failed auctions amid Covid: Icra

The ratings of security receipts (SRs) issued by ARCs have seen downgrades due to delay in recoveries and decline in expected recovery value on the SRs

States may cut FY21 capex by Rs 3 trillion due to GST shortfall: Icra

States may have to significantly cut expenditure by as much as Rs 3.4 trillion in the current fiscal if they are not paid full compensation relating to GST, investment information agency ICRA has said

In absence of GST compensation, states may cut FY21 capex by Rs 3 trn: ICRA

The borrowing alternative offered by the Centre to make up for the shortfall in the promised compensation will lead to the states' fiscal deficits widening to 4.25 - 5.52 per cent

State govts' FY21 deficit seen ranging from 4.25 to 5.52% of GSDP: Icra

State governments' deficit is seen in the range from 4.25 per cent up to 5.52 per cent of the gross state domestic product (GSDP) in the current fiscal, Icra estimates showed

5-8% of overall loans will get restructured under new framework: Icra

Banks and non-bank lenders will restructure up to Rs 10 lakh crore in debt or 8 per cent of outstanding loans under the one-time restructuring scheme announced by RBI, domestic rating agency Icra said

Tile players' turnover likely to decline 15-25% in FY21, says ICRA

The Covid-19 pandemic has exacerbated weakness in the domestic tile demand, following the negative impact on its end-consumer industry, the real estate sector, ratings agency ICRA said on Monday

Domestic tiles demand likely to remain weak in current fiscal: Icra

The domestic tiles demand is likely to remain weak in the current fiscal, mainly due to low disposable income and subdued consumer sentiment amid Covid-19 pandemic, according to rating agency Icra

Highway traffic rises but full recovery may take another quarter

Firms attribute sluggishness to monsoon, local lockdowns