Moody's keeps Reliance rating, cuts outlook
Credit rating agency Moody's Investors Service on Friday assigned senior implied issuer ratings of Ba1 to India's Tata Power and Indian Oil Corp -- one notch above the sovereign rating it assigns to India.\n\n\n\n
Indian economy is likely to expand in the range of 5.4 to 5.9 per cent this fiscal, as per government estimates.
The trade deficit has widened by 61 per cent to touch $25,619.85 million in the first four months of the current fiscal, against $15,841.22 million a year ago, according to official figures.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
Central banks in India, China and South Korea are closely monitoring the emerging inflationary pressures on their economies and hikes in interest rates could be expected across the Asia-Pacific region after Australia raised key interest rates.
The rain only made it simpler for the Sunrisers Hyderabad. But they deserved to win Saturday's Indian Premier League match against Delhi Daredevils because of their exceptional death bowling, asserted the visiting team coach Tom Moody.
The official GDP data for the September quarter will be released on Friday.
'But their bowling is poor. Beyond Jasprit Bumrah, there is no one to actually support them in that bowling attack, and the CSK batters took them apart.'
Moody's Investors Service on Friday said India's economy is expected to contract for the first time in more than four decades saying economic damage owing to the coronavirus-induced lockdown will be significant with lower consumption and sluggish business activity. Even before the coronavirus outbreak, Indian economy already was growing at its slowest pace in six years and with the stimulus measures announced by the government falling short of expectations, the disruptions are likely to be greater. "We now expect India's growth to register a real GDP contraction for the fiscal year ending in March 2021 (fiscal 2020-21), from our earlier projection of zero growth," it said in a research note.
Dhoni picked as skipper of IPL's all-time greatest team
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The depreciation of the rupee, it said, reflects the wider CAD as well as lower net capital inflows.
This is lower than the country's growth rate of 6.7 per cent for the financial year 2008-09.
"It's a welcome development, but we also feel it was long overdue... It's a recognition of the actions that the government has undertaken like GST, bankruptcy. We also need to keep all these things in perspective," Chief Economic Adviser Arvind Subramanian said.
The agency noted that the reviews of these banks' sub-debt ratings were not indication of any change in the affected banks' fundamental credit quality.
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It also painted a grim possibility of any major gains in the rupee during the current fiscal saying that the continuing global volatility, and domestic political uncertainty ahead of the 2014 hustings will limit chances of any significant appreciation apart from further impact growth.
The global rating agencies S&P and Moody's have downgraded the credit ratings for several government-related entities in Dubai on fears about the government's failure to provide timely financial support to them.
Moody is expected to agree a two-year contract to lead the team to the 2007 World Cup.
Former Australia player Tom Moody believes India need to be flexible with their batting order in white ball cricket.
Britain's foreign secretary said Prime Minister David Cameron would take note of the assessment in the context of Modi's plans for the development of the Indian economy.
Sunrisers Hyderabad are lying a lowly seventh with eight points from nine games in the Indian Premier League but head coach Tom Moody is not disheartened by the dismal scenario and said on Wednesday that the team can make it to the play-offs by winning four out of their next five games.
Global rating agency Moody's Investors Service on Thursday said the Centre's fiscal deficit, which in the first quarter of 2006-07 crossed 50 per cent of what was projected for the whole year, is a matter of concern.
Moody's said the asset quality of the banks will remain under pressure.
The Indian economy has bottomed out and the recovery is on the anvil although the days of 8 per cent growth are "gone", Moody's Analytics said.
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The imports may recover faster, thnaks to a strong demand. "As global prospects are now improving, especially with the US economic contraction easing, India's exports may begin to recover later in the year," Moody's said in a statement.
Monsoon is likely to be below normal in the current year at 93%.
This rating action follows the announcement by Ford Motor Company (Ford, which has a rating-B3/Stable) naming Tata Motors the preferred buyer for Ford's luxury Jaguar and Land Rover car brands.
Sri Lanka's coach warned of a backlash when his team returns in December for the three-Test series.
"With the US recording two successive quarters of weak growth, we anticipate Asia will soon begin to feel the pinch of slower demand across the Pacific," said Daniel Melser, senior economist in Moody's Economy.com, a unit of Moody's Corporation. If history is a guide, then expect export numbers around the region to begin sliding in the second and third quarters of 2008, Moody's Economy.com said in its latest report.
Flight attendants, football coaches, renegade robots, underwater superheroes, it's all there on OTT this week.
Doubles specialist Wesley Moodie was named in South Africa's five-member squad for the Davis Cup World Group play-off tie against India, from September 18 to 20, in Johannesburg.
The Sri Lankan coach denied that the absence of Muttiah Muralitharan and Chaminda Vass has been a big blow to his team.
According to the provisional figures, it could be the fourth month in a row and fifth month in the last fiscal that industrial growth may turn negative. However, after revision the provisional figures for October and January, which were negative, have turned positive.
Telcos may hike mobile rates to recover spectrum cost: Moody's
After declining for 10 consecutive weeks, Inflation, based on wholesale prices, rose by 0.36 percentage points for the week-ended January 10, from 5.24 per cent for January 3.
Moody's assigns 'Baa3' rating on India, with a stable outlook.
The global ratings agency keeps India's sovereign rating unchanged at 'BBB-' with stable outlook
Sunrisers Hyderabad coach Tom Moody has said reaching the play-offs of the Indian Premier League is a only a step forward and his team now needs to gear up for the challenge ahead.
