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.
On Aug 11, the Chinese central bank surprised markets by devaluing the yuan by nearly 2 per cent.
Harsh Varrdhan Kapoor's thriller Thar is going places and the actor is terribly proud.
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.
First coach Manhas remembers 17-year-old terrorising Ranji batters at nets
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.
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.
Ahead of the 2023 IPL season, let's take a look at the strengths and weaknesses of the Aiden Markram-led Sunrisers Hyderabad.
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.
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.
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.
The revision will do little to help the Congress party-led ruling alliance, which faces an uphill battle in elections due by May amid allegations of economic mismanagement, corruption scams and high inflation.
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.
The government plan to sell stakes in state-owned enterprises would help it address many of India's existing economic concerns and alleviate the current "fiscal stress", according to Moody's.
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.
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.
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.
'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
Rediff.com's Harish Kotian checks out how much India's cricket coaches -- from John Wright to Ravi Shastri -- have been paid.
Fitch had last upgraded India's sovereign rating from BB+ to BBB- with a stable outlook on August 1, 2006.
All the banks mentioned here have balance sheet size greater than Rs 50,000 crore (Rs 500 billion).
Moody's upgrade should start a long-overdue correction. Credibility of the big credit rating agencies is under threat.
External Affairs Minister Yashwant Sinha on Thursday discounted the 'junk' grading of the rupee by rating agencies like Moody's and S&P, saying it was based on a few 'weak' parameters rather than the overall macro-economic picture.\n\n\n\n
Manish Pandey blasted a quickfire 76-ball 77 before Mitchell Swepson returned with a four-wicket haul to dismiss India 'A' for 230 in their first innings against Australia 'A' in the opening match of the unofficial four-day Test Series in Brisbane, on Thursday.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
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.
Ruling out any change in India's sovereign rating due to a political standoff over the Indo-US nuclear deal, credit rating agency Moody's on Wednesday said the crisis was not serious enough to dent the country's economic policy framework.
Cricket Advisory Committee (CAC) member Sourav Ganguly on Saturday said that the interview to select the new India coach will be held on July 10 in Mumbai.
The budget has strong growth impulses and response of the economy is positive.
The Indian economy has been plagued by several crises in the last few months. Yet, the nature of India's national conversation of late has been such that it does not adequately capture their complexity and potential for harm to the economy.
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
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.'
Like in Brazil, India's government has only limited opportunities to provide some fiscal stimulus to offset a possible slowdown in capital flows, Moody's said.
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.
India and China are seeing economic slowdown while growth momentum is losing steam in most of the developed world, says Paris-based think tank OECD.
S&P warned about spending on subsidies and heavy government debt.
India has pitched for a sovereign credit rating upgrade with Fitch Ratings, after announcing its budget last month.
