Moody's Ratings on Tuesday projected general government debt to stabilise above 80 per cent of GDP over the next three years, down from 89.3 per cent in 2020-21. "General government interest payments to fall to around 24 per cent of general government revenue over the next two years from over 28 per cent in fiscal 2020-21, although this remains much higher than the median 8.7 per cent recorded by Baa-rated peers," Moody's Ratings associate managing director Gene Fang said in a post-Budget reaction.
'I don't think it is right to remove him over one lapse. The focus should be on restoring operations, not on removing a key management personnel.'
Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said.
The RBI's decision to tighten norms for unsecured personal loans is credit positive because lenders will need to allocate higher capital for such loans, thus improving their loss-absorbing buffers, Moody's Investors Service said on Monday. The Reserve Bank last week raised risk weights on unsecured retail loans, credit cards and lending to non-banking finance companies (NBFCs) by 25 percentage points. Moody's said unsecured loans have been growing rapidly in the past few years, exposing financial institutions to a potential spike in credit costs in case of sudden economic or interest rate shocks.
The BJP-led National Democratic Alliance's (NDA) slim majority in Lok Sabha may delay more far-reaching economic and fiscal reforms that could impede progress on fiscal consolidation, Moody's Ratings said on Wednesday. NDA securing a majority in the general elections will give a historic third term for Narendra Modi as Prime Minister of India. "We expect policy continuity, especially with regards to budgetary emphasis on infrastructure spending and boosting domestic manufacturing, to support robust economic growth.
Moody's Investors Service on Friday affirmed India's rating at the lowest investment grade of 'Baa3', with a stable outlook, saying high growth will support a gradual increase in income levels, but flagged risks of populist policies due to rise in political tensions. Moody's said although India's potential growth has come down in the past 7-10 years, the growth would outpace all other G20 economies through at least the next two years, driven by domestic demand. Moody's said the restoration of robust growth prospects post-pandemic, the effective commitment to inflation targeting and the rehabilitation of the financial system aided by reform supports its view of strengthening monetary and macro policy effectiveness.
Royal Challengers Bengaluru's thrashing by Kolkata Knight Riders in the Indian Premier League match in Bengaluru on Friday prompted former Australia cricketer Tom Moody to blame Virat Kohli's fellow-batters for the humbling defeat.
Moody's Investors Service on Wednesday said the outlook for global banks for 2024 is negative as central banks' tighter monetary policies have resulted in lower GDP growth. It said Indian banks' profitability will increase further on lower provisioning expenses and robust growth in higher-yielding retail segments. "Our outlook for global banks for 2024 is negative as central banks' tighter monetary policies have resulted in lower GDP growth.
Moody's Ratings on Thursday raised India's GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the back of strong domestic consumption and capital expenditure. The estimate comes a day after RBI Governor Shaktikanta Das said the economic growth in the current financial year could be close to 8 per cent in view of the third quarter GDP data released by the government. The latest estimate of Moody's is about 140 basis points higher than the earlier projection of 6.6 per cent made in November 2023.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
The government is "extremely disappointed" with the latest report of the Moody's rating agency on India's economic outlook. The report, a senior government official said, was highly contradictory and called the rating agency's credibility into question. Referring to the Moody's statement that "India's fiscal strength remains a key weakness in the sovereign credit profile...", the official remarked: "How can my strength be my weakness? Moreover, they are unwilling to have a like-to-like comparison with India."
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
Moody's Investors Service on Wednesday affirmed the ratings of two major Indian IT services companies, Tata Consultancy Services Limited (TCS) and Infosys. In two separate statements, Moody's also retained stable outlook for both the companies. Moody's expects Infosys' revenues to climb by around 13 per cent for the financial year ending March 31, 2023, but moderate to around 8 per cent in the next 2024 fiscal.
Bollywood beauties, dressed in the designer's finest creations, sashayed down the red carpet.
Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. "We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. - el nino
India on Friday made a strong pitch for a sovereign rating upgrade with Moody's and also questioned the parameters based on which the US-based agency accords ratings, sources said on Friday. Ahead of its annual review of the sovereign rating, Moody's Investors Service representatives met Indian government officials during which the officials highlighted the reforms and strong fundamentals of the Indian economy. A higher rating for India would mean the nation is less riskier, translating into lower interest rates on borrowings.
Names and names and names and names... 329 in all. Some Indian. Some Canadian. Some British. Berry. Gupta. Jain. James. Bhatt. Beauchesne. Chatlani. Enayati. Lougheed.... Vaihayasi Pande Daniel visits Ahakista, Ireland, home to the memorial for the worst terrorist atrocity in India's history.
Imagine a rare, quiet place in Mumbai. Dim moody lights. A beautiful vista. Surrounded by trees. It's called the Elevated Nature Trail -- the city's Newest Hot Spot. Inspired by Singapore's tree-top walkway, we have our own pathway through Malabar Hill's foliage.
List of Wimbledon women's singles champions after Iga Swiatek beat Amanda Anisimova in the final on Saturday:
As India went into the second Test against England on Wednesday without pace spearhead Jasprit Bumrah, former players and coaches questioned the thinking behind resting the world's best bowler when they trail 0-1 in the series.
Fitch Ratings on Wednesday raised India's GDP growth forecast to 6.9 per cent for current fiscal year, from 6.5 per cent earlier, citing strong June quarter growth and domestic consumption-led demand.
Before Tuesday, Jitesh had not hit a half-century in IPL and when he did, he did it in style and produced a knock which will be talked about for time to come.
The manufacturing of iPhone 14 in India within weeks of the global launch demonstrates the maturity of Apple's manufacturing capabilities in the country, according to Moody's Investors Service. Increasing volumes of locally-manufactured iPhones will also accelerate Apple's expansion strategy in India, Raj Joshi, Senior Vice President, Corporate Finance Group, Moody's said. The Indian smartphone market's large size and strong growth prospects as the country unveils its 5G network "make it an attractive long-term market for Apple", according to a note by Moody's.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
Moody has left his role as Sri Lanka's director of cricket after his contract was terminated by mutual agreement
A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody's Analytics said on Thursday. In its analysis titled 'APAC Outlook: A Coming Downshift', Moody's said India is headed for slower growth next year more in line with its long-term potential. On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth.
About 55 banks participated in the deal, making it the largest bank group for a syndicated loan in Asia so far this year.
Moody's on Friday slashed India's GDP growth projections for 2022 to 7 per cent from 7.7 per cent earlier as the global slowdown and rising domestic interest rates will dampen economic momentum. This is the second time that Moody's Investors Service has cut India's growth estimates. In September, it had cut projections for the current year to 7.7 per cent from 8.8 per cent estimated in May. "For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent.
The Australian and Sunrisers Hyderabad have parted ways mutually and Brian Lara, who served as the side's strategic advisor and batting coach last season, could be elevated to the top position.
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
Moody believes Gill, Sudharsan can weather any storm as they "learnt to move through gears"
Former Indian cricketer Sanjay Bangar spoke on who has the edge between Pakistan and England, he said, "I will probably back Pakistan because bowlers win tournaments and that is where Pakistan, with the kind of bowling attack that they have, I mean four quality quicks and they have the wrist spin, and if they require they also have the option of a left-arm spinner,"
'The biggest point of contention is market access for US agricultural and dairy products.'
Moody's Investors Service on Wednesday raised India's economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. It however revised downwards India's growth estimate for 2022 to 6.8 per cent from 7 per cent pegged in November last year. In its February update to Global Macro Outlook 2023-24, Moody's raised the baseline 2023 real growth projections "meaningfully" for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022.
The 25 per cent US tariffs, plus a penalty for Russian imports, could dent India's GDP growth by 30 basis points in the current fiscal, but the higher duty is unlikely to significantly affect India's domestic demand-driven economy, Barclays said on Thursday. If the 25 per cent tariff, announced by US President Donald Trump on Wednesday, is implemented from August 1, the effective average US import tariff on Indian goods will rise to 20.6 per cent in trade-weighted terms, as per Barclays estimates.
Days after Moody's cut its gross domestic product (GDP) forecast for financial year 2022-23 (FY23) after the official GDP print for the June quarter came in lower than expectations, the global ratings agency said it would maintain its long-term sovereign debt credit rating and outlook on Asia's third-largest economy. "The credit profile of India reflects key strengths, including its large and diversified economy with high growth potential, a relatively strong external position, and a stable domestic financing base for government debt," Moody's said on Tuesday. "We do not expect rising challenges to the global economy, including the impact of the Russia-Ukraine military conflict, higher inflation, and the tightening financial conditions on the back of policy tightening, to derail India's ongoing recovery from the pandemic in 2022 and 2023," it said.
Ratings agency Moody's on Tuesday affirmed India's sovereign rating and upgraded the country's outlook to 'stable' from 'negative', citing receding downside risks to the economy and financial system.
IndusInd Bank has appointed a professional firm to conduct investigation for identifying the root cause of accounting discrepancies relating to its derivatives portfolio. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the Bank's net worth.
Among Sensex firms, Eternal, Infosys, Tata Consultancy Services, Tech Mahindra, Reliance Industries, Asian Paints, HCL Tech and Adani Ports were the laggards. Power Grid, Bajaj Finance, NTPC, State Bank of India and IndusInd Bank were among the gainers.
S&P Global Ratings on Thursday said the hostilities between India and Pakistan heighten risks to the credit metrics of both countries, and any escalation in clashes would put downward pressure on sovereign credit support.
