Page 4 - S&p

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

India exchange-traded fund debuts on Abu Dhabi Securities Exchange

S&P India Shariah Liquid 35/20 Capped Index has rallied nearly 20 per cent in the past one year in AED terms

S&P downgrades Vedanta Resources to selective default after debt extension

S&P Global Ratings has downgraded debt-laden Vedanta Resources Ltd to 'selective default' after the mining conglomerate concluded a deal with creditors to extend the maturities of its three dollar bonds. "We view Vedanta Resources' just concluded liability management exercise, which involved three of its US dollar-denominated bonds, as a distressed transaction," the rating agency said in a statement. The junk-rated Vedanta had last week stated that its bondholders have approved extension of the maturities of USD 3.2 billion of bonds maturing in 2024 and 2025. Under the deal, the company will pay USD 779 million upfront, with the remaining principal extended by as much as four years. "On January 12, 2024, we lowered our long-term issuer credit rating on Vedanta Resources to 'SD' (selective default) from 'CC'. We also lowered the issue ratings on the company's bonds due January 2024, August 2024, and March 2025 to 'D' from 'CC'," S&P said. The issue rating on the UK- and ...

SBI raising $300 mn via medium term bonds, assigned BBB- ratings by S&P

Issue likely to be concluded on Thursday and has a green shoe option to raise more money

American Tower to sell India operations to Brookfield for $2.5 billion

Canada-based Brookfield will acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of USD 2 billion, a release said on Friday. The transaction is subject to regulatory approvals and expected to close in the second half of 2024. "Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management, today announced the signing of an agreement with ATC to acquire 100 per cent of equity interests in American Tower's operations in India (ATC India), for an enterprise value of Rs 16,500 crore (USD 2 billion) which is subject to pre-closing terms as per the securities purchase agreement," it said. ATC India has a portfolio of approximately 78,000 sites across the country. This will be Brookfield's third acquisition in the Indian telecommunications space. In 2022, Brookfield acquired a portfolio of 5,000 indoor business solution sites and small cell sites, which advances the rollout of 5G and enables

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

Credit-deposit ratios of Indian banks may weaken, dent margins in 2024: S&P

Asset quality to stay on improvement trajectory

Gautam Adani's next milestone is plan for $1.25 billion of green arm debt

We are coming close to timelines where we would like to see a concrete and definitive plan" Abhishek Dangra, a Singapore-based infrastructure analyst at S&P Global said

'China slows, India grows': S&P pegs 7% GDP growth for India by 2026

India's GDP growth rate will rise to 7 per cent by 2026 compared to 4.6 per cent for China, S&P Global Ratings said on Tuesday. In a report titled 'China Slows India Grows', S&P said it expects Asia-Pacific's growth engine to shift from China to South and Southeast Asia. We project China's GDP growth to slow to 4.6 per cent in 2024 (2023: 5.4 per cent), edge up to 4.8 per cent in 2025, and return to 4.6 per cent in 2026. We see India reaching 7.0 per cent in 2026; Vietnam, 6.8 per cent (4.9 per cent); Philippines, 6.4 per cent (5.4 per cent); and Indonesia remaining steady at 5 per cent, S&P said. The US-based rating agency on Monday projected India's GDP to expand at 6.4 per cent in the current fiscal year and in the next. For 2025 it projected growth rate to rise to 6.9 per cent, followed by 7 per cent in 2026. S&P said with Asia-Pacific's central banks likely to keep interest rates high, the region's borrowers will see costlier debt servicing. Concurrently, a ...

S&P Global raises India's FY24 growth forecast on 'robust momentum'

A subdued global growth, unfavourable base effect and the lagged impact of rate hikes are expected to slow down the growth in the second half of FY24

India's GDP to grow 6-7.1% during 2024-2026, growth prospects strong: S&P

The report further said that the State Bank of India and leading private-sector banks have largely addressed their asset-quality challenges

India's GDP to grow 6-7% during 2024-26, growth prospects strong: S&P

India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024', S&P said the banking sector's weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added. "Unsecured personal loans have grown rapidly and could contribute to incremental NPLs. We believe underwriting standards for retail loans generally remain healthy and overall level of delinquencies remains within acceptable limits for this product category," S&P Primary Credit Analyst Deepali Seth Chhabria said. The report said that global ...