OUTLOOK STABLE
Fitch assigns 'BBB+' rating on Larsen & Toubro; outlook stable
The company's strong market position as a leading global engineering and construction firm, combined with above-average profitability and solid revenue visibility, is reflected in its ratings. The credit rating agency noted that the stable outlook indicates the company will maintain comfortable leverage, supported by sustained EBITDA growth and prudent financial management, despite higher growth investments.
Look for stocks with less downward volatility and stable earnings prospects: Anand Tandon
A good content pipeline increases the likelihood of hits, and with people coming to the cinema, local F&B sales will also rise. From a tactical perspective, PVR's business outlook should improve significantly over the next 12 months. However, each month must be evaluated separately based on incoming content and audience reactions.
Moody's assigns Ba3 rating to Piramal Capital and Housing Finance, outlook Stable
he rating agency said that Piramal Finance is driven by its high capitalization and an increasingly diversified portfolio mix, offset by its relatively low profitability, risks from its legacy real estate exposures and wholesale funding.
Auto sector sees resilient two-wheeler growth amidst mixed performance in PVs and CVs for June 2024
Wholesale volumes across various segments of the automobile industry in June 2024 are expected to show a subdued trend. This is primarily due to the absence of wedding dates, as stated in an Anand Rathi report. Analysts predict a mixed performance in the market. Two-wheeler (2W) volumes are anticipated to be resilient, while passenger vehicles (PVs) and commercial vehicles (CVs) are expected to see slight declines. Tractor volumes are likely to remain flat.
FII action, GST Council outcome among 10 factors to weigh on D-Street this week
Nifty ended with 0.4% gains in a week-long holiday shortened by Bakri Eid. When markets resume trading on Monday, a host of important domestic and global events lined up during the holiday-truncated week are likely to impact them.
Motilal Oswal upgrades DCB Bank to ‘buy’, sees 22% upside potential amid attractive valuations
Motilal Oswal upgraded DCB Bank’s stock to ‘buy’ at Rs 175, projecting a 21% earnings CAGR over FY24-26E, with positive outlook on RoA/RoE and asset quality, while DCB Bank shares have shown mixed performance in the market.
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Credit profile of fertiliser companies to remain comfortable in FY25: Ind-Ra
Demand in the fertiliser sector remained robust in FY24, led by higher availability of funds with farmers due to various policy measures, and the stable farm gate prices. Moreover, the sector over the past two-three years has seen supplementary budgetary allocations as and when the prices of key input materials were increased to enable raw material availability and economic viability with producers and importers.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
Moody's maintains stable outlooks on three Indian public sector banks
Moody's affirmed Baa3 ratings on Indian public sector banks BOB, Canara Bank, and PNB with stable outlooks, citing improved credit metrics, strong profitability, and adequate liquidity buffers. The banks are headquartered in Mumbai, Bangalore, and New Delhi.
Valuations in PSU capital goods, infra & defence remain expensive: Pratik Gupta
The macro environment is extremely stable, whether it is the fiscal deficit, the current account deficit, inflation, forex reserves, so that is really one of the big attractions for both global as well as domestic investors.
Telecom sector at an inflection point, outlook stable for FY25: Ind-Ra
The ratings firm added that the Indian telecom industry was at an inflection point in fiscal 2024 with their investments in 5G networks and spectrum renewal having peaked to almost $20 billion. Thereafter, telcos would keep their investments subdued while possibility of tariff increase remains uncertain.
Ind-Ra upgrades Adani Green Energy's rating, outlook stable
The ratings also reflect Ind-Ra's expectation of favourable operational to under-construction book ratio, given the operational capacity of nearly 10.9 GW, and an increase in annual capacity addition targets to 5GW.
India's growth set to get more broad-based, says Morgan Stanley; pegs 6.8% for 2024
India's strong growth, driven by consumer and business spending, is expected to become more broad-based, according to Morgan Stanley. The global investment bank forecasts 6.8% growth in 2024, attributing it to global offshoring, digitalization, and energy transition. Retail inflation is at 4.83%, within RBI's comfort zone. S&P Global Ratings revised its outlook on India to positive, citing robust economic growth and fiscal policies.
Ten yrs on, S&P outlook for India turns 'positive'
S&P Global Ratings has upgraded India's sovereign outlook to 'positive' after 10 years, citing improved public spending quality and expectations of continuity in reforms and fiscal policies. India's rating remains BBB- but could be upgraded if cautious fiscal and monetary policies reduce government debt and interest burden while boosting economic resilience. Finance Minister Nirmala Sitharaman welcomed the upgrade, attributing it to macroeconomic reforms since 2014. Economic Affairs Secretary Ajay Seth expressed confidence in India's economy, highlighting robust growth and improved credit metrics.
Upgrade of India's rating outlook reflects solid growth, promising outlook: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman praised S&P's upgrade of India's rating outlook to positive, citing solid growth and a promising future. She highlighted India's trajectory towards becoming the third-largest economy and achieving Viksit Bharat by 2047. S&P's first positive outlook for India, while retaining the 'BBB-' investment grade, reflects successful macroeconomic reforms since 2014, substantial capital expenditure, fiscal discipline, and visionary leadership. Sitharaman shared these comments in a post on X, emphasizing the significance of this development for India's economic prospects.
S&P raises outlook for India to positive, affirms rating at BBB-
S&P upgraded India's economic outlook to 'positive' from 'stable', affirming its 'BBB-' rating, the lowest investment grade. Despite elevated fiscal deficit, S&P cited robust growth and fiscal consolidation efforts. India's infrastructure spending and reform continuity bolster growth prospects. Ratings influence borrowing costs, crucial for investors assessing creditworthiness
Ind-Ra expects stable operating performance for most infrastructural projects in FY25
India Ratings and Research (Ind-Ra) anticipates stable operating performance for infrastructure projects this financial year, maintaining a stable outlook for the sector, especially in transportation. It assigned a positive outlook for airports, indicating potential rating upgrades. Ind-Ra expects the power sector's installed capacity to reach 476 GW by FY25. Toll roads may see a growth moderation, and ports are projected to grow at 6-7%.
India Inc gets inked; corporate leaders vote for stable govt, development, emancipation of poor
Industry leaders from Tatas, Ambanis, and Birlas vote in Mumbai during the Lok Sabha elections, focusing on development, economic growth, and voting choices in Maharashtra.
Medanta management on business performance, growth outlook and more
So, on an overall basis, we are very happy with how things are going. This is in line with our stated strategy of making sure we focus on quality, driving growth through volume.
Fitch Ratings affirms EXIM Bank's rating; outlook stable
Fitch Ratings on Friday affirmed the Export-Import Bank of India's (EXIM Bank) rating with a stable outlook, reflecting its high strategic importance to the state.
India Ratings upgrades Sunteck Realty to ‘IND AA’, outlook stable
The ratings factor in the strong operational performance that the developer has displayed since 2020-21, and consequent improvement in the scale of operations.
Moody’s retains India’s rating with stable outlook; projects over 6% growth in FY25 and FY26
Moody's reaffirmed India's credit rating at Baa3 with a stable outlook, expecting over 6% growth in the next two fiscal years. It cited a balanced credit profile with high growth potential and a stable financing base against high debt and weak affordability. The agency predicted 8% growth in FY24, driven by infrastructure investment and anticipated further growth from private consumption and investment
Moody's maintains stable outlook for India but flags rising 'political tensions'
Moody's maintains India's Baa3 rating but warns of risks from political tensions and weak debt affordability. Fiscal metrics may improve with robust growth, but challenges like inflation and high interest rates persist, impacting spending control and debt reduction efforts.
Icra revises banking sector outlook from positive to stable
Icra revised banking sector outlook to stable, expecting moderated credit growth. Net interest margins to compress due to rising deposit cost, potential rate cut leading to margin pressure from advances repricing. Healthy earnings and elevated CD ratio may pose challenges in deposit mobilisation. Credit costs steady at 0.8% of advances.
Icra revises downwards banking sector outlook to stable on credit growth moderation in FY25
Icra downgraded the banking sector outlook from 'positive' to 'stable' due to expected credit growth and profitability moderation in FY25. Gross NPAs likely to reduce to 2.2% by March 2025. Challenges include deposit mobilization, NIM pressure, and increasing operating expenses, despite benign credit costs. Public sector banks fare better in fresh slippages due to a larger corporate advances focus
Fitch affirms Adani Energy Solutions rating at 'BBB-'; outlook stable
The affirmation reflects the company’s business profile, which is supported by a regulated asset base, a payment pooling mechanism for transmission assets, diversified counterparty exposure and established record in executing and operating transmission projects. Fitch has also affirmed Adani Energy guaranteed $500 million senior secured notes, due in 2026 and $500 million bonds due in 2036 at 'BBB-'
Fitch Ratings revises outlook on Tata Chemicals’ FX IDRs to 'stable' from 'positive'
Fitch Ratings has revised Tata Chemicals' outlook to 'stable' due to oversupply in the global soda ash industry. Weak demand in Europe and industry oversupply are expected to weaken Tata Chemicals' profits and credit metrics in FY25. However, margins are expected to improve from FY26 due to a gradual demand recovery, supply tightening, and lower energy cost.
Fitch affirms Adani Energy Solutions' ratings with ‘Stable’ outlook
Fitch has affirmed the 'BBB-' ratings on the $400-million senior secured notes issued by Adani Energy Solutions, formerly Adani Transmission. Fitch projects an average debt-service coverage ratio (DSCR) of 1.48x, with a profile DSCR of 1.30x between the financial years ending FY27 and FY33 under its rating case.
Moody’s upgrades outlook on 4 Adani Group companies to ‘stable’
The four companies which have seen their rating outlook changed to stable from negative are Adani Green Energy Limited, Adani Green Energy Restricted Group 1, Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited.
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