Page 40 - Icra

Slowdown blues: Bank credit growth may fall to 6.5-7% in FY20, says Icra

According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trillion, there will still be a 40-45% year-on-year (YoY) decline

IL&FS case: Sebi fines ICRA, CARE Rs 2.5 mln each for poor due diligence

Markets regulator Sebi on Thursday imposed a penalty of Rs 25 lakh each on rating agencies ICRA and CARE for failing to exercise "due diligence" while assigning credit rating to the non-convertible debentures of IL&FS. Sebi also said the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies. The case relates to the default committed by IL&FS and its subsidiary IL&FS Financial Services on their obligations in respect of the commercial paper, inter-corporate deposits (ICDs), as well as on interest payments related to the non-convertible debentures (NCDs). The regulator undertook an examination with respect to the role of the credit rating agencies (CRAs), including CARE Ratings Ltd and ICRA Ltd, in assigning rating to various NCDs of Infrastructure Leasing and Financial Services (IL&FS). According to Sebi, IL&FS and its group companies' financial parameters, especially short-term borrowings, ...

New project inflows for construction sector to improve in 2020: Icra

Assigning a stable outlook for the construction sector, Icra however said delays in land acquisition, funding issues, and state government priorities pose threat to new order inflows

CARE Ratings MD Rajesh Mokashi resigns, TN Arun Kumar to act as interim CEO

CARE Ratings on Friday said its Managing Director Rajesh Mokashi has tendered his resignation. Mokashi was sent on leave by the company in July. The order had said that he would be on leave till the company had examined an anonymous complaint against him sent to the Securities and Exchange Board of India (Sebi). "While the board of CARE Ratings at today's (Friday) meeting have taken on record the said resignation, the same is without prejudice to the ongoing examination of anonymous complaints forwarded to CARE Ratings Ltd and any action, if required to be taken pursuant thereto," the rating agency said in a regulatory filing. T N Arun Kumar will continue to act as the interim chief executive officer of the company. It was reported that the complaint on ICRA was about interference by the rating firm's top executives in assigning top investment-grade ratings to Infrastructure Leasing and Financial Services (IL&FS) and its subsidiaries last year. The government had removed ...

GST compensation payment to 9 states may double to Rs 70K-cr in FY20: ICRA

Subdued economic growth and reductions in GST rates have resulted in a muted 3.7 per cent rise in the headline GST collections in April-November 2019

Growing at double-digits, domestic air passenger traffic may dip: Icra

The domestic air passenger volume grew in double digit for five consecutive years, it said in a release

ICRA maintains negative outlook for housing on weak demand, slow sales

The rating agency said that the liquidity crunch in NBFC and HFC segment is a challenge for new housing supply.

Domestic steel demand in October-November shrinks 1.8% YoY: ICRA

Domestic prices seen sensitive to global rates in absence of meaningful demand pick-up in seasonally strong Q4

ICRA downgrades Karvy Stock Broking's long-term bank lines to 'BB'

The rating is based on limited or no updated information on the entity's performance since the time it was last rated in March 2019.

ICRA cuts Karvy Broking's credit rating to 'non-cooperating category'

Rating agency says the investment arm of Karvy Group didn't heed its requests for information about the company's performance.

Bharti Airtel dips 4% as investors book profit amid ICRA's rating downgrade

ICRA downgraded Bharti Airtel's long-term rating from "AA" to "AA-"on higher than anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge.

ICRA downgrades Bharti Airtel's long term rating from "AA" to "AA-"

The ratings continue to remain under watch with negative, ICRA said in a statement

ICRA downgrades Peninsula Land's debentures to 'C', cites debt servicing

The company, which is part of the Ashok Piramal Group, till July 2019 had Rs 2,310 crore in debts on a consolidated basis

Icra downgrades its outlook on automotive dealership sector to negative

The muted industry scenario has stressed credit profile of dealers, especially those of new entrants and, has forced some dealerships to shut down as well, he added.

Icra downgrades Piramal holding firm's debt rating, cites liquidity crunch

The downgrade comes at a time when group flagship Piramal Enterprises is planning a rights issue worth Rs 3,650 crore

Icra sees FY20 bank credit growth declining to 8.5% from 13.3% last year

The recent changes in mutual funds regulations are likely to result in a decline in the volume of commercial paper outstanding by March 2020

Slow progress on stressed power assets; only 10% capacity resolved: Icra

The balance capacity is under various stages of resolution, including through Insolvency and Bankruptcy Code (IBC)

Domestic demand for mining, construction machines dips 17% in Jan-Aug: Icra

Immediate term demand outlook in the dealer community is also negative

IBC resolutions exceed new time limit of 330 days prescribed by govt

In July, in a bid to expedite the resolution process, the government made amendments to the Insolvency and Bankruptcy Code (IBC) that included revising the time limit to 330 days

Housing finance companies' gross non-performing assets up 2.2%: Icra

Markets like Surat and Pune in the affordable segment could show higher slippages owing to delays and challenges faced by some projects