IT services firm Wipro's revenue is likely to increase by about 4.5 per cent in FY26, mainly driven by favourable sectoral trends and recovery in discretionary customer spending, according to global rating agency Fitch.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
Sebi on Tuesday said investors will have partial flexibility in dealing with Indian Depository Receipts and can convert up to 25 per cent of their IDRs into underlying shares in a financial year.
Under the modified agreement, the issuing company will have to treat all holders of IDRs on a par with shareholders in its home country.
Insurance regulator IRDA on Wednesday prohibited insurance companies from investing in Indian Depository Receipts (IDRs), the instruments through which foreign companies raise funds from the Indian equity market.
In a move to kickstart the much-anticipated Indian Depository Receipts (IDR) norms, the Securities and Exchange Board of India (Sebi) on Thursday amended rules to allow such offerings to all category of investors including Indian retail investors.
Standard Chartered Plc's Rs 2,760-crore (Rs 27.60 billion) maiden Indian depository receipt (IDR) issue got a robust demand from investors on the final day of the offer on Friday and got subscribed a good 2.19 times with most of the bids coming in from qualified institutional buyers (QIBs).
The IDR was trading at Rs 105.10, up 1.05 per cent, at 0956 hrs. "The Standard Chartered IDR had seen trouble during the initial response.
Indian depository receipts (IDR) are set to get going after a long gestation period of six years with Standard Chartered Bank filing a red herring prospectus to raise up to $750 million.
IDR listing norms are to be changed to attract foreign companies and to make BSE more competitive.
United States' biggest electronic stock exchange Nasdaq will help companies listed on it to enter the Indian bourses by issuing Indian Depository Receipts.
Market regulator Securities and Exchange Board of India proposes to introduce Indian Depository Receipts in the Indian capital market by 2007, Sebi Chairman M Damodaran said.
Global rating agency Fitch on Thursday affirmed India's 'BBB-' rating with a stable outlook on strong growth outlook and fiscal credibility. Fitch said India is set to remain among the fastest-growing sovereigns globally with GDP growth of 7.2 per cent in the current fiscal year and 6.5 per cent in FY26, down from 8.2 per cent in FY24. "Fitch Ratings has affirmed India's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook," the global rating agency said in a statement.
There has been no change in Tata Steel's strategy on operations in the United Kingdom (UK), company chairman N Chandrasekaran has told shareholders. The statement comes amid growing concern about the restructuring plan in the face of change in government in the UK. Tata Steel's plan for the UK entailed a 1.25 billion investment plan agreed upon by the Conservative party-led government in September last year.
The UK-based Standard Chartered Plc moved the market regulator Securities and Exchange Board of India for approval to float 220 million IDRs.
Fitch Ratings on Tuesday affirmed India's sovereign credit rating at 'BBB-' with a stable outlook, saying the rating derives strengths from the country's robust growth outlook and still-resilient external finances. It said India's robust medium-term growth outlook is a key supporting factor for the rating. A clear improvement in corporate and bank balance sheets, which were under strain prior to the pandemic, is likely to facilitate a steady acceleration in investment in the coming years.
Fitch Ratings has upgraded Reliance Industries Ltd's (RIL) rating to 'BBB', one notch above India's sovereign rating, as the company benefits from cash flow generation across diversified business segments and continuation of deleveraging. In a statement, Fitch said it has upgraded RIL's long-term foreign-currency issuer default rating (IDR) to 'BBB', from 'BBB-', with a negative outlook. At the same time, the agency has affirmed RIL's long-term local-currency IDR at 'BBB+' with a stable outlook.
Fitch on Tuesday affirmed India's sovereign rating at 'BBB-' with a stable outlook, on robust growth and resilient external finances, but said weak public finances remain a challenge. India's rating has been unchanged at 'BBB-', which is the lowest investment grade, since August 2006. "Fitch Ratings has affirmed India's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook," it said in a statement, adding strong growth potential is a key supporting factor for the sovereign rating.
IDRs are rupee-denominated and created by a domestic depository against the underlying equity shares of a foreign company.
Securities and Exchange Board of India on Tuesday said it would introduce Indian depository receipts (on the lines of American Depository Receipts or Global Depository Receipts
Many companies globally are working on plasma research to develop and manufacture hyperimmune globulin therapies from plasma donations.
Just as investors abroad can participate in Indian companies' issues through the American Depository Receipt and Global Depository Receipt route, Indian investors can now invest in foreign companies through the IDR. Standard Chartered Bank will be the first IDR issue, opening May 25.
The amendment, notified by the Ministry of Corporate Affairs in the Companies (Issue of Indian Depository Receipts) Rules, have come into effect from October 1, as per a ministry notification.
Standard Chartered CEO-Asia Jaspal Bindra spoke to Anirudh Laskar and Sidhartha about the bank's plans and his assessment of the situation.
Fitch expected economic activity to contract by 5 per cent in FY21 due to the strict lockdown measures imposed since March 25, before rebounding by 9.5 per cent in FY22.
The rating affirmation reflected RIL's strong business profile - a large-scale refinery with a capacity of around 1.2 million barrels a day and dominant market position in petrochemicals.
Rating agency Fitch on upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
The ministry of corporate affairs (earlier company affairs) is amending the stringent IDR (Indian depository receipts) regulations to make it easier for foreign companies to list here.
BlackBerry will unveil the 'next generation BlackBerry 10 devices' on June 25.
Fitch Ratings on Tuesday said a higher natural gas price will help improve Reliance Industries' profitability in 2014-15 fiscal and would lead it to invest more in raising production.
As the reform process is expected to gain further momentum, the Indian rupee will continue to outperform its Asian peers, which are likely to weaken further against the US dollar in 2015, says an HSBC report.
The government is also working on Euroclearing, the world's biggest bond settlement system, for Indian debt securities.
The rating agency has affirmed the company's National Long Term Rating at 'AAA' with a stable outlook.
Global banking major Standard Chartered on Wednesday said it plans to increase its headcount in India by 2,500 people during the current year to 20,000.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Rating agency Fitch on Tuesday upgraded India's long-term foreign and local currency issuer default ratings
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