The double whammy saw the Bombay Stock Exchange's benchmark Sensex fall 3 per cent or 456.39 to close at 13,469.85 even as global rating agency Standard and Poor's suggested it might lower India's sovereign rating of BBB- (investment-grade status) due to the country's deteriorating credit profile over the last 12 months.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
The government has promised to keep the deficit at 4.1%
"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.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
S&P is the only of the three major credit agencies with a 'negative' outlook on India.
Global rating agency Standard & Poor's on Monday assigned its 'BB' rating indicating non-investment or junk grade to the State Bank of India's proposed $225 million (Rs 900 crore) Hybrid Tier I perpetual bonds.
The ratings reflected the growing strength of India's macro-economic stability, Finance Minister P Chidambaram said.
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Amid fears of a downgrade from ratings agencies, the finance ministry is gearing up for a visit of Japan Credit Rating Agency officials on September 6.
S&P expects India to grow at 7.4 per cent in 2015, similar to the central bank's forecast for the fiscal year ending in March.
Growth in India's gross domestic product for the June quarter of 2013-14, as well as for the entire 2014-15, was 4.7%.
'It may sound like sacrilege, but does it really matter if the global raters downgrade India for fiscal slippage?' asks Tamal Bandyopadhyay.
The government has to take difficult decisions in the budget, which can include cutting subsidies to curb expenditure on items like fertilisers and also upping revenues.
the ratings agencies have been inconsistent in their treatment of China and India. Given this record -- what we call Poor Standards -- my question is: why do we take these rating analysts seriously at all?," Chief Economic Adviser Arvind Subramanian said on Thursday.
ICICI Bank was the top gainer after stable rating for its senior unsecured bonds by S&P Global Ratings.
The central bank is of the view that rise in external debt a concern but rating outlook revision reassuring.
Nepal and Bhutan were tied on points and goals in the SAF Games football league.
The central bank will come out with fresh set of guidelines for companies applying for on-tap bank licence
Rating agency Standard & Poor's on Friday revised upwards the long-term corporate credit ratings of software majors TCS, Infosys and Wipro to 'A' from 'BBB+.'
'Our stable outlook currently points to the fact that the ratings are likely to remain stable for the next couple of years.'
Amid rupee sliding below 64 to a dollar, global agency Standard & Poor's on Tuesday said it will maintain negative outlook for the country as currency depreciation is adversely impacting investor confidence.
Finance Minister Arun Jaitley said government would continue reforms by taking executive actions.
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The report indicated that price rise will continue being a problem and that inflation, which is restricting the Reserve Bank from loosening its elevated policy rates.
The Wadia group-owned airline is building a new management team and putting in place strategies for efficient operations. Leading the change is Cornelis Vrieswijk, the airline's new chief executive officer.
Asserting that foreign funds are very bullish on investment opportunities in India, a senior government official said on Friday the country was a profitable place to do business and would soon become an easier place for business.
The new government, which will be required to boost investments and promote growth, will be presenting a regular Budget after completion of the electoral process.
For India, Fitch Ratings has 'BBB-' rating.
IFMR Capital previously pioneered the multi-originator securitisation.
It has been lowered to 'IND BBB+' from 'IND A-', besides placing the rating on 'Rating Watch Negative' (RWN).
"I think bankers have expressed some concern that they should not be held liable for actions that are taken in the full spirit of what is needed," Raghuram Rajan said.
Pointing out that these recent measures are incremental rather than radical, Moody's said, these steps will sustain higher gross domestic product growth and address some of the constraints on the country's sovereign credit profile.
WPI inflation fell to a 5-year low of 3.74 per cent while the retail inflation was at 7.8 per cent in August.
India's macro finances are getting into good shape.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
In essence, follow the private-equity approach to personal investing and treat each investment decision as if it is a matter of life-or-death, because it is, suggests Avinash Luthria.
Sensex ended strong, Tata Steel, HUL climb higher.
Companies with contrasting financial ratios enjoy similar credit ratings; agencies say they look at many other metrics.
The defence ministry has lost sight of what it intended to achieve -- which was to nurture private defence firms that would compete on equal terms with the 9 defence PSUs and the 41 Ordnance Factory Board factories.
Finance Ministry is expecting a rating upgrade by credit agencies by the year-end on the back of policy initiatives.
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