Moody's expects macroeconomic policies to contribute to sustained robust growth.
Hospitality firm OYO is looking to raise $600 million (over Rs 4,380 crore) in debt from the US institutional investors to service its existing loans, sources in know of the matter said on Thursday. The company is raising $600 million in a term loan B (TLB) structure, the sources said. The company is taking the TLB to service its existing loans which are on higher interest rates, they added.
The IMF on Tuesday cut India's economic growth forecast by 0.5 percentage points to 9 per cent for the current fiscal year, with its chief economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant. "If you look at the 2021-22 fiscal year, we have a slight downgrade of -0.5 percentage points and for the next fiscal year 2022-23 we have a slight upgrade of 0.5 percentage points. So, growth for the previous fiscal year is now nine per cent and for this year now is at nine per cent. We moved it up slightly," Gopinath told reporters during a news conference in Washington. In its latest update of World Economic Outlook on Tuesday, the International Monetary Fund has cut India's economic growth forecast to 9 per cent for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of the spread of Omicron on business activity and mobility.
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.
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.
Companies don't have to be in the field to nudge people to return money they owe lenders.
Nesco Grounds, Goregaon, north west Mumbai, attracted the city's top celebs last weekend.
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.
Ah! How we will love to see Athiya as a bride.
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.
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.
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.
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.
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.'
Harsh Varrdhan Kapoor's thriller Thar is going places and the actor is terribly proud.
The SRH management, headed by Kavya Maran, hasn't yet issued any public statement over Katich's resignation.
Ahead of the 2023 IPL season, let's take a look at the strengths and weaknesses of the Aiden Markram-led Sunrisers Hyderabad.
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.
Credit rating agencies have been raising red flag over high debt to GDP ratio of India.
'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'
First coach Manhas remembers 17-year-old terrorising Ranji batters at nets
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 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.
The six, including current head coach Ravi Shastri, will give a presentation to the Cricket Advisory Committee (CAC) headed by the legendary Kapil Dev.
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.
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.
Sri Lanka captain Mahela Jayawardene said his team is undaunted by India's 3-1 victory over the West Indies.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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