Page 4 - S&p

India on way to becoming third-largest economy by FY31: S&P Global report

India is on track to becoming the third-largest economy by 2030-31, driven by a projected annual growth rate of 6.7 per cent this fiscal, S&P Global said in a report on Thursday. The report also said that with 8.2 per cent growth rate in FY2024, continued reforms are crucial to improving business transactions and logistics, boosting private sector investment, and reducing reliance on public capital. It said equity markets are expected to stay dynamic and competitive due to strong growth prospects and better regulation, and foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated. To maximize trade benefits, India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline, said the first edition of 'India Forward: Emerging Perspectives' report. Nearly 90 per cent of India's trade is seaborne, necessitating robust port infrastructure to manage ...

India's services sector growth surges to 5-month high in August: PMI

India August service PMI: The PMI climbed to 60.9 in August, fuelled by by increase in new domestic orders

SEC's WhatsApp probe expands as Moody's, S&P, Fitch hit with $48 mn fine

The Securities and Exchange Commission said Tuesday that Moody's and S&P will each pay $20 million to settle the cases, while Fitch will pay $8 million

India Inc's credit quality to improve further, says S&P Global Ratings

Declining leverage, broad-based earnings growth drive profile

Moody's, S&P doubt of Boeing hitting year-end production targets in 2024

Boeing slowed output so it could improve production quality, but the decline in output and deliveries has taken a toll on cash flow

Indian ports make bunkering activity gains amid Red Sea crisis: S&P

Bunkering activity and STS calls at the country's ports increased 64 per cent Y-o-Y between January and July 2024, stated S&P Global Commodity Insights

S&P, Moody's downgrade JetBlue amid $3 bn debt raise, shares sink

JetBlue intends to raise $1.5 billion through a private offering of senior secured notes and an additional $1.25 billion via a term loan, secured by TrueBlue

Bangladesh unrest not likely to impact India's overall trade balance: S&P

India is a well diversified exporter and a blip in its exports to Bangladesh is unlikely to have any meaningful impact on India's overall trade position for the full year, S&P Global Ratings said on Tuesday. Bangladesh is facing its worst political crisis since independence in 1971, with Prime Minister Sheikh Hasina resigning amid massive anti-government protests. Bangladesh Army Chief General Waqar-uz-Zaman on Monday announced that an interim government would be taking over the responsibilities. S&P Global Ratings, Director, Sovereign and International Public Finance Ratings (Asia-Pacific), Andrew Wood said that S&P expects domestic demand conditions in Bangladesh in this period of time to be weak and probably going to entail less support for exports from other countries, including India, into Bangladesh. "India is a well diversified exporter to the entire world and its trade profile is significantly larger than bilateral trade relationships with economies like ...

India's services growth remains robust even as it slows a tad in July: PMI

While there was a slowdown in growth, business activity has remained above the neutral mark of 50.0

Vedanta shares gain 3.8% on S&P Global Ratings upgrade of UK parent

Shares of the Mumbai-listed Vedanta closed at Rs 447, up Rs 16.4, or 3.8 per cent over the previous day's close

Asian shares tread cautiously; Wall St unfazed as Joe Biden bows out

Investors seemed well-prepared for news that US President Joe Biden had dropped out of the election race and endorsed Vice President Kamala Harris for the Democratic ticket

India's rating upgrade likely in 2 years if fiscal deficit falls to 4%: S&P

The central government estimates to bring down fiscal deficit to 5.1 per cent of the GDP in the current fiscal, from 5.63 per cent in 2023-24

Biggest global gold ETFs by AUM see $3.9 bn outflow in 5 months. Check why

On the other hand, gold prices have seen a rise in the last few months amid steady demand, especially from the global central banks

BSE to buy S&P's 50% stake in index joint venture for Rs 30 crore

The exit for S&P Dow Jones Indices from the equal JV is expected to be completed by May 31

ONGC's high investments to delay deleveraging over next 12-24 months: S&P

A step-up in investments at Oil and Natural Gas Corp (ONGC) will slow down its deleveraging over the next 12-24 months, eroding headroom for the state-owned firm's 'bbb+' standalone credit profile, S&P Global Ratings said on Monday. Stating that ONGC's financial results for the fiscal year ended on March 31, 2024, were in line with expectations, S&P said despite a decline of 2-3 per cent in the company's domestic oil and gas production volumes and lower realizations in fiscal 2024, EBITDA grew to Rs 1.1 lakh crore from Rs 93,600 crore in fiscal 2023. "We attribute the higher EBITDA to the strong performance of downstream subsidiaries - Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL), which together accounted for about 30 per cent of the group's EBITDA during the year. We forecast ONGC's EBITDA will remain at about Rs 1 lakh crore over fiscal years 2025 and 2026," it said. ONGC's integrated operations will support earnings ...

RBI's regulatory clampdown may tighten loan growth next year: S&P Global

The regulatory actions would enhance the operational resilience of the system, says the rating agency

S&P Global raises India's FY25 GDP growth forecast by 40 bps to 6.8%

Agency's projection is lower than the Reserve Bank of India's and the government's growth estimate of 7%

China's factory activity rises on expansion in output, orders: Caixin PMI

The upbeat results, however, contrasted with an official survey released earlier in the day showing factory activity contracted for a fifth straight month

Tata Capital's risk adjusted capital to improve to 10% in 2 years: S&P

Company to benefit from infusions by the Tata group and planned IPO, says rating agency

Adani group in talks with sovereign funds to raise up to $2.6 billion

Group plans to fund airport expansion, green hydrogen biz