Page 44 - Icra

Real Madrid tickets to Fitbit shirts: Gifts by IL&FS for favourable ratings

From tickets for a Real Madrid football match and hefty discounts on a luxurious villa to a Fitbit watch and shirts, a probe into the high-profile IL&FS scam has found numerous cases of favours and gifts extended by the erstwhile top management to senior officials of rating agencies and their family members. While the continuing probe has already led to CEOs of two rating agencies having been sent on leave by their respective boards, fresh details have emerged about suspected attempts by the former top management personnel of IL&FS Group to influence the rating agencies and their top officers for high credit ratings. The new board of IL&FS, which was appointed by the government after massive defaults by the group to the tune of over Rs 90,000 crore and suspected wrong-doings by the former top management, had mandated Grant Thornton to carry out a forensic audit. In an interim forensic audit report on role of credit rating agencies engaged by the erstwhile management, Grant

MDs on 'forced' leave, but it's business as usual for ICRA and Care Ratings

The reason for both the officials being sent on leave is the same - an anonymous complaint received by the market regulator against the agency

Icra downgrades McLeod to default in fourth rating action since April

Move follows recent delays in meeting debt obligations and comes on heels of firm's annual results and auditor's concerns on its ability to continue as a going concern

ICRA shares tumble over 6% as MD and CEO Naresh Takkar sent on leave

Shares of rating agency Icra tumbled over 6 per cent Tuesday after the company decided to send its managing director and chief executive Naresh Takkar on forced leave, pending an enquiry into the "concerns" raised by capital markets watchdog Sebi. The scrip declined 6.41 per cent to Rs 3,012 on the BSE. At NSE, shares tanked 5 per cent to Rs 3,000.05. The agency has appointed chief financial officer Vipul Agarwal as the interim CEO who will be reporting to the board, according to a company filing on Monday. Action against Takkar has been taken "pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India", said the agency. Though the agency did not share the exact reasons for the unprecedented step, which is a first in the industry, it can be noted that the move comes at a time when rating agencies are under a cloud following the IL&FS debacle.

ICRA slips 6% after it sends MD and CEO Naresh Takkar on sudden leave

Without disclosing specific reasons, the rating agency informed the stock exchanges that its board in its meeting on Monday decided to place Takkar on leave, effective immediately.

Under Sebi glare, ICRA sends MD and CEO Naresh Takkar on sudden leave

CFO Vipul Agarwal will be interim COO

Under Sebi's glare, Icra sends MD & CEO Naresh Takkar on forced leave

The agency has appointed chief financial officer Vipul Agarwal as the interim chief operating officer who will be reporting to the board, according to a statutory filing

Icra downgrades Edelweiss debentures on weakness in wholesale lending book

Agency says decision based on heightened risks from realty and structured debt deals across sectors; retains Al+ rating for company's CPs and short-term NCDs

60% road projects do not have a major maintenance reserve, says ICRA

The lack or inadequacy of these funds also highlights financial stress in developing these road projects

Icra downgrades McLeod Russel India, stock closes at a 52-week low

In a bid to pare debt, McLeod had sold 12 estates in Assam and signed agreements to sell more gardens in Assam, Dooars and Africa

IL&FS effect: Icra downgrades 6 funds from HDFC,UTI, Birla AMC

Domestic rating agency Icra has placed the ratings of six mutual fund schemes under watch with negative implications due to their exposure to the crippled infra lender IL&FS group entities. The schemes being put under watch include a short term debt funds and banking and PSU debt funds from HDFC, banking and PSU debt fund, bond fund, dynamic bond funds from UTI , Aditya Birla Sun Life short term opportunities fund, Icra said in statement Tuesday. The rating action is due to the "deterioration in the credit quality" of the underlying investments of these schemes driven by their exposure to special purpose vehicles (SPVs) of IL&FS Group, the agency said. These schemes have exposure to Hazaribagh Ranchi Expressway, Jharkhand Road Projects Implementation Company, and Jorabat Shillong Expressway, the agency said. "The default risks by various SPVs of IL&FS have increased after the recent management communication to the trustees expressing to stop future repayments

ICRA downgrades National Insurance Company's rating to AA from AA+

Report said NIC is likely to report a solvency ratio below the minimum regulatory requirement in FY19 as the company has no headroom to raise additional subordinated debt

IT services firms may grow at 9-12% annual growth rate during FY18-21: Icra

The credit profile of Indian IT services companies remains stable

Icra places long-term rating of AAA for PFC, REC debt plans under watch

The agency has also reaffirmed the rating of A1+ to the short-term borrowing programme of the two companies

States may not be able to stick to the path of fiscal consolidation: Icra

The corresponding rise in revenue expenditure may lead some states to curtail their capital spending, worsening quality of expenditure

ICRA gains 6% as board mulls share buyback proposal

The stock gained 6% to Rs 3,657 on the BSE in intra-day trade after the company said it's board will consider share buyback proposal on Thursday, August 9, 2018.

New project announcements shrink 33% to Rs 2.8 trn in Q4 of FY18

Value of revived projects, too, was tepid at Rs 0.2 trillion in Q4 of FY18, down from Rs 0.9 trillion in the corresponding period of FY17

The macroeconomic scene has deteriorated, says Naresh Takkar, MD ICRA

Private sector banks have the capital, but they are going to be extremely selective in funding capital expenditure and large projects

CV, LAP, MSME loan collections remain strong at 95-99% in Jul-Aug: Icra

Despite concerns over the implementation of GST, the monthly collection ratios of loan remained strong

Cement demand growth expected to be around 3.5-4% in FY18, says Icra

ICRA expects the cement demand to rebound from the October-December quarter