S&P has maintained a stable outlook on the basis of their expectation that over the next two years the growth will remain strong and India will maintain its sound net external position and fiscal deficit will remain elevated but broadly in line with their forecast.
Equity benchmarks Sensex and Nifty on Friday spurted by nearly 2 per cent, propelled by heavy buying in IT, metal and financial stocks amid a rally in global markets after lower-than-expected US inflation data. A strong rupee against the US dollar and unabated foreign capital inflows further bolstered sentiment, traders said. Easing US inflation triggered speculation that the US Federal Reserve might slow down the pace of interest rate hikes.
Apart from Shastri, the other big names who will give presentations to the three-member committee include former Australia all-rounder and Sri Lanka coach Tom Moody, along with ex-New Zealand and Kings XI Punjab coach Mike Hesson.
Harish Kotian offers a quick look at the six former players in the running to be selected for world cricket's most-sought-after job.
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller. Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance and corporate governance. Separately, it released a compendium of group companies to highlight that it has adequate cash reserves and has ability to refinance debt.
Harsh Varrdhan Kapoor's thriller Thar is going places and the actor is terribly proud.
Ahead of the 2023 IPL season, let's take a look at the strengths and weaknesses of the Aiden Markram-led Sunrisers Hyderabad.
As the Indian currency hovers around its lowest versus the US greenback, several smaller and mid-sized companies are expected to face rough weather as almost 44 per cent of the foreign loans taken by Indian companies remained unhedged. According to the data sourced from the Reserve Bank of India, Indian companies raised around $38.2 billion in the financial year ended in March. Of this, only 56 per cent of the loans are hedged while the rest of the foreign loans remain unhedged, thus risking the companies to forex volatility.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
The SRH management, headed by Kavya Maran, hasn't yet issued any public statement over Katich's resignation.
India will argue that they didn't take any undue advantage from the concussion substitute rule.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
First coach Manhas remembers 17-year-old terrorising Ranji batters at nets
The Centre has garnered around Rs 2,500-3,000 crore in the first five weeks after it imposed a windfall tax on oil and gas companies for the export of fuel, Business Standard has learnt. It is likely that the government will continue with the one-time tax till the Indian crude basket is above $80 a barrel, sources said. The next review of the windfall tax on oil companies is early next week.
Credit rating agencies have been raising red flag over high debt to GDP ratio of India.
When SRH retained Umran -- along with Skipper Kane Williamson and Abdul Samad -- for Rs 4 crore before the IPL auction, many were surprised. No longer.
'Overall as a team, they cannot be seen as walkover. They're very competitive as a one-day and T20 side. They keep proving it over and over again'
S&P Global Ratings on Wednesday said the second wave of COVID infections poses downside risks to India's GDP and heightens the possibility of business disruptions. The second wave brings in uncertainty and a drawn-out COVID outbreak will impede India's recovery, it said.
The six, including current head coach Ravi Shastri, will give a presentation to the Cricket Advisory Committee (CAC) headed by the legendary Kapil Dev.
Stating that an economic recession gripped global economy following the lockdowns due to COVID-19 pandemic, Fitch Ratings on Friday said the initial disruptions to regional manufacturing supply chains in China have now broadened to include local discretionary spending and exports.
Six consecutive profitable quarters after an equal number of losses - for Bharti Airtel, the turnaround has been quick. But it is not a result of higher tariffs or absence of exceptional items alone. Execution and strategy are playing a part, too. Bharti Airtel's chief executive officer Gopal Vittal summed it up in a post-result conference call last month. "We track the profit in each of our 237,500 (cell) sites.
Sri Lanka captain Mahela Jayawardene said his team is undaunted by India's 3-1 victory over the West Indies.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Besides corruption, the agency mentioned bureaucratic logjam and slow pace of judicial decision-making as factors hindering the Indian economy.
On Aug 11, the Chinese central bank surprised markets by devaluing the yuan by nearly 2 per cent.
Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
Pujara's slowest Test half-century, a painstaking 50 off 176 balls handed Australia control of the match in which they now have overall lead of 197 runs.
A total of 12 wickets fell on a rain-hit day as Australia 'A' found themselves 100 runs adrift of victory against India 'A' on the third day of the first unofficial four-day Test at the Allan Border Field, in Brisbane, on Saturday.
And, Shaheen Afridi won the T20I bowling award for his annihilation of India in the 10-wicket win for Pakistan at the T20 World Cup.
What makes Wonder Women brilliant is the breeziness of the events and issues it tackles without delving on it too much or surrendering to it completely, observes Divya Nair. Wonder Women Review
Bajaj Finance was the top gainer in the Sensex pack, soaring over 8 per cent, followed by Kotak Bank, IndusInd Bank, HDFC, PowerGrid, Axis Bank, ICICI Bank and L&T. On the other hand, Maruti, ITC, NTPC and Nestle India were among the laggards.
Chief Economic Advisor Krishnamurthy Subramanian said India's economy will witness a decline in the current fiscal, but the drop will be limited if there is an economic recovery in the October-March period.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
'I've been here before, whether with the South African or IPL teams, so I'm excited. A new role for me, a coaching role which I'm really excited about. It's a whole new role looking at the players, which is fantastic. I'm looking forward to hitting the ground running.'
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
Petrol and diesel prices were hiked by 80 paise a litre each on Saturday, the fourth increase in five days as oil firms passed on to consumers the spike in cost of raw material. Petrol in Delhi will now cost Rs 98.61 per litre as against Rs 97.81 previously while diesel rates have gone up from Rs 89.07 per litre to Rs 89.87, according to a price notification of state fuel retailers. All the four increases since the ending of a four-and-half-month long hiatus in rate revision on March 22, have been of 80 paise a litre.
Moody's rates a total of 15 public sector and private sector banks, which together accounted for about 66 per cent of the banking system's estimated total assets on March 2012.
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