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2QFY22 GDP estimates upgrades: What are the driving forces?

As per our compilation, average of GDP estimates given by 8 firms stands at 8.2%. This is higher than RBI’s forecast of 7.3% to 7.9% GDP growth in the quarter. India Infoline News Service | Mumbai | November 27, 2021 09:53 IST. Gross Domestic Product (GDP) number for the quarter ended September 30, 2021 will be announced on November 30. Over the last 8-10 days, several economists have raised their 2Q GDP growth estimates by 20-30 basis points. As per our compilation, average of GDP estimates given by 8 firms stands at 8.2%. This is higher than RBI’s forecast of 7.3% to 7.9% GDP growth in the quarter. The higher end of these estimates lies at 9.6% and the lower end at 7.0% (see table).

29 November 2021: indiainfoline

Gainers & Losers: 10 stocks that moved the most on November 26

Indian benchmark indices tanked nearly 3 percent each on November 26, spooked by concerns over a possibly vaccine-resistant strain of the coronavirus and weak Asian markets. At close, the Sensex was down 1,687.94 points, or 2.87%, at 57,107.15, and the Nifty was down 509.80 points, or 2.91%, at 17,026.50.

29 November 2021: moneycontrol/a>

Brickwork Ratings upgrades the long term ratings of Jindal Worldwide

Jindal Worldwide said that Brickwork Ratings had upgraded the long term ratings and reaffirmed the short term ratings for the bank loan facilities of Rs 565.66 crore. Brickwork Ratings (BWR) said that the rating of Jindal Worldwide (JWL or the company) has been upgraded to 'BWR AA-' and the short term rating has been reaffirmed to 'BWR A1+' on account of the strong group presence, improvement in the financial performance of the company, moderate financial risk profile, and adequate liquidity.

20 November 2021: BusinessStandard

Brickwork upgrades ratings of Indiabulls Housing

Indiabulls Housing Finance on Thursday announced that Brickwork Ratings India has revised rating outlook to 'stable' from 'negative'. In a regulatory filing on Thursday (18 November) Indiabulls Housing Finance announced that credit rating agency Brickwork Ratings has reaffirmed company's long term credit rating at 'BWR AA+'. The housing finance company's perpetual debt rating has also been reaffirmed at 'BWR AA'.

20 November 2021: BusinessStandard

Banks see robust festival season credit growth

Banks collectively lent about four times more in the reporting fortnight ended November 5, vis-a-vis the preceding fortnight amid the festival season, indicating further improvement in credit appetite in the economy.

18 November 2021: TheHinduBusinessLine

Brickwork revises credit ratings for non-convertible debentures of SAIL; Stock gains 1%

Brickwork Ratings has revised the credit ratings for the total Rs5000cr Non-Convertible Debentures (NCDs) of Steel Authority of India Limited (SAIL) after review. The credit rating agency has revised the ratings to BWR AA; Stable from BWR AA; Negative for NCD BG Rs1200cr, NCD BH Rs800cr and proposed NCD Rs3000cr, instruments of the company.

16 November 2021 : indiainfoline

Retail investors can put money in govt securities, T-Bills, Sovereign Gold Bond

Retail investors can invest a minimum of ₹10,000 and in multiples thereof in Central Government Securities (CG), State Government Securities (SG) and Treasury Bills (T-Bills) under the Reserve Bank of India’s ‘Retail Direct Scheme', a web-based investment platform, which was launched on Friday.

15 November 2021 : BusinessLine , theoutreach , DeccanHerald__Bangalore

Brickwork Ratings makes strategic additions to its leadership team plans to triple hiring from premier B-Schools

The year 2020 will be known in history for both; the ravaging impact on the global economy brought on by the COVID-19 pandemic and the subsequent V-shaped recovery. Through this volatile period, Bengaluru-based Brickwork Ratings has held the fort and retained its entire workforce at pre-COVID remuneration levels. In fact, during the current financial year, the company has also projected higher-than-usual pay raises for its entire workforce.

15 November 2021 : theweek , nyoooz , devdiscourse

Power shortage in October was the highest in last five years at 1200 million units, says Brickwork

New Delhi, Nov 10 (UNI) With demand for power far exceeding supplies, the aggregate power shortage recorded in October was the highest in last five years at 1200 million units, said Brickwork Ratings in a note on Wednesday.

12 November 2021 : Hindustan(Hindi)__NewDelhi , Deshbandhu(Hindi)__NewDelhi

India's GDP likely to grow at 10-10.5% in FY2022: Brickwork Ratings

Domestic rating agency Brickwork Ratings on Monday revised its growth estimate for the country's gross domestic product (GDP) to 10-10.5 per cent in the current financial year from an earlier expectation of a 9 per cent growth.

08 November 2021, BusinessStandard ,socialnews ,tkbsen ,canindia

GDP likely to grow at 10-10.5% in FY2022: Report

Domestic rating agency:Brickwork Ratings on Monday revised its growth estimate for the country's gross domestic product GDP to 10-10.5 per cent in the current financial year from an earlier expectation of a 9 per cent growth.

08 November 2021, economictimes(10-11-2021) ,swarajyamag ,newkerala ,zeenews businessworld ,BusinessStandard ,investmentguruindia ,freepressjournal ,nagpurinfo ,moneycontrol ,forevernews ,auto.economictimes ,andhravilas ,newonnews ,financialexpress ,indianewsrepublic

Delay in getting strategic investor a concern for Rel Gen: Brickworks

Uncertainty in getting a strategic investor is casting a shadow on the profile of Reliance General Insurance Company Ltd (RGICL), a subsidiary of Anil Ambani-controlled Reliance Capital. While its track record, experienced management team, and diversified product offers work as strengths, the weak credit profile of its parent and intense competition act as constraints.

6 November 2021,BusinessStandard

Excise cut on petrol, diesel to cost government Rs 45,000 crore: Nomura

The excise duty cut of Rs 5 on petrol and Rs 10 on diesel by the government to offset the impact of rising crude oil prices will lead to a revenue loss of Rs 45,000 crore, or 0.2 per cent of gross domestic product (GDP), in the remaining months of fiscal 2021-22 (FY22), suggests a note by Nomura. The research and broking house also lowered its consumer price inflation (CPI) projection as well given the development.

5 November 2021,BusinessStandard(5-11-2021)

IndiGo to maintain dominance, despite Tata's thrust

The low-cost carrier's massive fleet size, as well as expansive routes, are expected to protect its huge domestic market share. With a 58 per cent domestic market share, the airline ferries around 6 out of every 10 domestic passengers. It has a fleet size of 275 aircraft and operates over 1,200 daily flights

26 October 2021, msn(26-10-2021) ,india ,newkerala navhindtime ,vishvatimes ,windowtonews

Housing sector, infrastructure spend to boost FY22 cement demand

Faster-than-expected recovery in the Housing sector along with government`s thrust on infrastructure spending is expected to boost cement demand by 10-12 per cent in FY22. The growth comes after cement demand declined in FY20 by (-) 1 per cent and (-) 11 per cent in FY21.

23 October 2021, zeebiz(23-10-2021) ,andhravilas ,daijiworld dailypioneer ,dtnext ,indianewsrepublic investmentguruindia ,nagalandpost ,newkerala sentinelassam ,theoutreac

Gati Shakti Master Plan to be a game-changer for infra development: Brickwork Ratings

Brickwork Ratings says the GIS-enabled digital platform under Gati Shakti will help various ministries and stakeholders get access to the required information regarding the topography, satellite images, physical features and existing facilities. The Gati Shakti Master Plan, launched by Prime Minister Narendra Modi on October 13, is a landmark initiative that will enable coordination among different ministries, states and departments, facilitate ease of planning and also bring down the overall costs of implementation, Brickwork Ratings has said.

21 October 2021, businesstoday ,msn(21Oct2021)

Sensex, Nifty End Higher Post RBI's Monetary Policy Outcome

The Dalal-Street cheered the central bank's decision to leave the interest rates unchanged and keeping the liquidity stable in the markets. The Sensex jumped over 500 points in the intraday session led by gains in IT and heavyweight Reliance Industries.

11 October 2021, businessworld ,dailyhuntl ,investmentguruindia

RBI Monetary Policy Oct 2021 HIGHLIGHTS: No repo rate cut for 8th time; CPI inflation may fall to 5.3% in FY22

The Reserve Bank of India’s Governor Shaktikanta Das announced that the monetary policy committee has unanimously decided to keep the repo rate unchanged for the eighth consecutive time. Das also decided to continue with the accommodative stance as long as necessary to support growth. Repo rate has been maintained at 4 per cent, and reverse repo rate at 3.35 per cent in October policy. RBI Guv said that high-frequency indicators suggested that economic activity has gained momentum. Moreover, RBI MPC has lowered the FY22 inflation forecast to 5.3 per cent from earlier estimate of 5.7 per cent. “India is in a much better place today than at the time of the last MPC meeting.

11 October 2021, financialexpress ,economictimes ,ndtv ,indianewsrepublic ,outlookindia ,deccanherald

Tata Sons wins bid: Air India may see turnaround as debt eases by 75%

Less than 2 per cent of Air India’s cumulative net loss on a consolidated basis in the last 10 years was due to operating losses; the rest was due to interest on debt and depreciation allowance for the aircraft purchased by the airline to expand its fleet. Air India reported an operating profit of Rs 1,787 crore in FY20 on a consolidated basis but reported a net loss of Rs 7427 crore due to ...

09 October 2021, BusinessStandard(Hindi)__NewDelhi ,BusinessStandard__NewDelhi

What 6 Industry Veterans Have To Say On The RBI's Monetary Policy

In a unanimous decision, the Reserve Bank of India's (RBI)Monetary Policy Committee (MPC), after a detailed assessment of growth and inflation outlook in the economy, has continued to maintain policy rates. Here is what industry veterans have to say.

09 October 2021, goodreturns

Air India returns to Tatas after group puts in winning bid of Rs 18,000 cr

More than three years after it failed to get even a single bid for Air India, the government on Friday announced the sale of the national carrier to the salt-to-software conglomerate Tata Group at an enterprise value of Rs 18,000 crore. This is the first major privatisation step in about two decades.

09 October 2021, BusinessStandard

Sensex, Nifty End Higher Post RBI's Monetary Policy Outcome

The Dalal-Street cheered the central bank's decision to leave the interest rates unchanged and keeping the liquidity stable in the markets. The Sensex jumped over 500 points in the intraday session led by gains in IT and heavyweight Reliance Industries.

09 October 2021, businessworld

Road construction to pick up pace this fiscal on back of government initiatives: Report

Road construction will pick up pace in the current fiscal on account of various government initiatives like the National Infrastructure Pipeline and National Monetisation Pipeline, Brickwork Ratings (BWR) on Thursday said. With the government modifying the hybrid annuity model, it expects these changes to garner more private sector interest and the HAM share to increase going forward, the rating agency said.

31 September 2021, economictimes 31 September 2021, outlookindia 31 September 2021, newslogic 31 September 2021, thehindutimes 31 September 2021, universalpersonality 31 September 2021, businessworld

Govt relief a boost for Vodafone Idea, sizeable tariff hikes key for long-term sustainability

Vodafone Idea’s shares surged 15 per cent on Thursday morning as investors heaved a sigh of relief following the much-awaited announcement of the relief package for the telecom sector by the government. The package, which includes a four-year moratorium on dues and rationalisation of the definition of adjusted gross revenue (AGR), which will now exclude non-telecom revenue of companies, is expected to benefit Vodafone Idea the most and may have blown away the clouds of uncertainty over its survival.

20 September 2021, theweek

Nirmala Sitharaman Highlights: Bad Bank is born, to take on Rs 2 lakh cr bad loans; FM OKs Rs 30k cr govt guarantee

Finance Minister Nirmala Sitharaman today announced the Union Cabinet’s approval for a government guarantee of Rs 30,600 crore for securities receipts issued by the National Asset Reconstruction Company (NARCL). “NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts,” Finance Minister announced. The Finance Minister, addressing the media, added that guarantees can only be invoked by banks on resolution or liquidation of the said assets. The NARCL will take up bad loans from lenders worth Rs 2 lakh crore, of which Rs 90,000 crore will be transferred in the first phase.

19 September 2021, financialexpress

Brickwork reaffirms and withdraws ratings of Sportking India; Stock sheds 2%

Brickwork Ratings reaffirms and withdraws the ratings for the Bank Loan Facilities of Rs600cr of Sportking India Ltd. Bank loans availed by Sportking India Ltd (SIL) were last reviewed and upgraded at BWR BBB+ (Stable)/A2 on May 25, 2021.

16 September 2021, indiainfoline

Brickwork Ratings says telecom reforms not enough

Brickwork Ratings, a credit rating agency that gives advice on the ability of companies to service their debt, has hailed the slew of measures announced by the government yesterday to give relief to the telecom sector, but added they’re not enough to save the industry.

16 September 2021, ultra

Inflation dips marginally to 5.3% in August

India’s retail inflation cooled to 5.3% in August from 5.6% in July, thanks to food price inflation falling to 3.11% from nearly 4% in July and the effect of a high base last August.

15 September 2021, thehindu

BPL hits upper circuit for 10th straight trading session, zooms 86%

Shares of consumer electronics company BPL were locked in the upper circuit for the tenth straight trading day, up 5 per cent at Rs 60.75 on the BSE on Thursday. The stock is quoting at its 52-week high level, having rallied 86 per cent in the past two weeks. In comparison, the S&P BSE Sensex was down 0.02 per cent at 58,237 points at 12:10 pm.

13 September 2021, BusinessStandard

Godrej Properties, Prestige Estates eye Rs 10K-cr sales booking club

Godrej and Prestige posted sales bookings of Rs 6,725 crore and Rs 5,461 crore, respectively, in 2020-21 (FY21). Godrej, the third largest listed developer, after DLF and Macrotech, posted 14-per cent growth in sales bookings. However, the company saw bookings of Rs 497 crore in the first quarter (Q1) of 2021-22 (FY22) - one of the lowest in the last few years, mainly due to the pandemic and lockdown in many cities it is present in. DLF, the largest listed developer, did sales bookings of Rs 3,084 crore in FY21.

13 September 2021, BusinessStandard

Monetary policy has run its course and it's time for fiscal policy to take the baton

There is a need for a holistic review of trade policy to energise exports as an effective engine of growth. The first quarter GDP growth estimate for 2021-22, at 20.1%, is on expected lines, and shows the resilience of the economy. Even after the Covid-19 second wave, there was a turnaround in GVA growth in manufacturing at 49.6% and in construction at 68.3%. Contact-intensive segments like trade, hotels and transport have shown resilience with growth of 34.3%. The official reaction has been euphoric with the assertion that the economy is recording a V-shaped recovery and is poised for double-digit growth during the year on the back of structural reforms, capital expenditure push and rapid vaccination.

07 September 2021, financialexpress 07 September 2021, jioforme 07 September 2021, newonnews 07 September 2021, money9 07 September 2021, eprimefeed

Indiabulls Housing Finance announces ₹ 1,000 Cr Public Issue of Secured and Unsecured Redeemable NCDs

Indiabulls Housing Finance Limited, a housing finance company regulated by the Reserve Bank of India, has announced the public issue of secured/ and or unsecured, redeemable, non-convertible debentures of the face value of Rs. 1,000 each. The Tranche I Issue opens on September 06, 2021, and closes on September 20, 2021. The Tranche I Issue has a base issue size of Rs. 200 crores with a greenshoe option up to Rs. 800 crores, aggregating up to Rs. 1,000 crores ("Tranche I Issue"). The Tranche I Issue offers various options for subscription with coupon rates ranging from 8.05% to 9.75% per annum. There are 10 Series of NCDs carrying fixed coupon and having tenures ranging 24 months, 36 months, 60 months, and 87 months with annual, monthly, and cumulative options.

6 Sep 2021, dailyhuntl 6 Sep 2021, janshaktinews/a> 6 Sep 2021, medianews4u 6 Sep 2021, mumbaitelegram 6 Sep 2021, bulletdailynews

List Of Non Convertible Debentures (NCDs) That Are Open Currently

The term NCD issue refers to a public issue of non-convertible debentures. A Secure and Redeemable Corporate Bond (NCD) is a bond issued by a company to raise funds in the capital market. Bondholders, unlike equity shareholders, have no ownership interest in the company.

05 September 2021, goodreturns 05 September 2021, thehansindia(5-9-2021)

GDP Highlights: India’s economy grew 20.1% in April-June quarter; strong growth helped by low-base effect

India’s economy grew by 20.1% during the April-June quarter of this financial year, as against a 24.4% contraction seen during the same period last year. The massive growth seen in the first quarter has made India the fastest-growing major economy across the globe. India’s GDP at constant prices (2011-12) in the first quarter stood at Rs 32.38 lakh crore, however still lower than the Rs 35.66 lakh crore seen in the first quarter of 2019-20, signalling that India is yet to emerge from the covid induced slump.

1 Sep 2021, financialexpress, 1 Sep 2021, BusinessStandard, 1 Sep 2021, thehindu 1 Sep 2021, freepressjournal, 1 Sep 2021, moneycontrol, 1 Sep 2021, outlookindia

Tamil Nadu must improve its own tax collections

Brickwork Ratings' analysis of Tamil Nadu State Budget 2021-22 says it is going to be a major challenge for the newly elected Dravida Munnetra Kazhagam (DMK) government. The report says the new government has announced several welfare and development measures promised in its election manifesto. This requires additional expenditures, which is possible only by improving the state’s own tax collections.It also stressed the central transfers have declined as the share of the state in tax devolution has shown steady decline in successive finance commission recommendations (from 5.305% in the Twelfth FC to 4.079% during the FFC ).

31 August 2021, timesofindia ,31 August 2021, thegreaterindia

Economists project GDP growth at 14%-23% in Q1FY22

Economists have pegged economic growth in the range of 14 per cent to 23 per cent for the first quarter of the current financial year. The growth was projected on a low base of 24.4 per cent contraction in the gross domestic product in Q4 of the previous financial year.

31 August 2021, BusinessStandard ,31 August 2021, newonnews

Vodafone Idea stock ends 2% up after Brickwork revises rating of Rs2,500cr NCDs

Brickwork Ratings had revised the rating for the NCD issues aggregating Rs2,500cr of Vodafone Idea to 'BWR B' from the previous 'BWR BB-'. The outlook was kept as negative. In its rating rationale, Brickwork said that the revision of the "rating for the NCD Issue of Vodafone Idea on account of a continuous delay in the fundraising exercise impacting the company’s liquidity position and considerable deterioration in the performance of the company in Q1FY22."

30 August 2021, Indiainfoline ,30 August 2021, BusinessStandard ,30 August 2021, livemint

Brickwork assigns rating to GRM Overseas credit facilities; Stock hits 52-week high

Brickwork Ratings assigns the long term ratings and upgrades the short term ratings for the Bank Loan Facilities of Rs170cr of GRM Overseas Ltd BWR has assigned the long term rating and upgraded the short term rating to BWR BBB+/Stable and BWR A2 respectively for the bank loan facilities of GRM Overseas owing to the sustained improvement in the company’s scale of operations, profitability over the years and improvement in the credit profile over the years, along with BWR’s expectations that the same will be sustained in the near term due to the essential nature of industry.

30 August 2021, indiainfolinenew(30-8-2021)

Brickwork reaffirms credit rating for bank loan facilities of Aarvee Denims & Exports

The long-term rating on fund-based working capital Rs 3,090 million has been reaffirmed at BWR B +/ Stable. On the NF Based Working Capital Rs 430 million Short Term rating of BWR A4 was reaffirmed. Shares of the company declined Rs 0.70, or 3.63%, to settle at Rs 18.60. The total volume of shares traded was 3,257 at the BSE (Thursday). The scrip touched a high of Rs 19.50 and low of Rs 18.40. The stock has touched its 52-week high of Rs 30 and 52-week low of Rs 9.50 on August 08, 2021 and November 12, 2020 respectively

30 August 2021, myiris

RBI monetary policy: Here's what the experts are saying

The RBI’s Monetary Policy Committee (MPC) on August 6 decided to retain the policy stance as accommodative, explaining that this status quo, along with the unchanged repo rate (4 percent) and GDP outlook for 2021-22 (9.5 percent) will remain this way till the economy recovers from the ongoing COVID-19 pandemic.

RBI monetary policy: Here's what the experts are saying

The RBI’s Monetary Policy Committee (MPC) on August 6 decided to retain the policy stance as accommodative, explaining that this status quo, along with the unchanged repo rate (4 percent) and GDP outlook for 2021-22 (9.5 percent) will remain this way till the economy recovers from the ongoing COVID-19 pandemic.

Jayanth Varma, the lone dissenter on RBI’s policy stance-Business Journal

Even as there was unanimity on a status on Reserve Bank of India‘s benchmark policy rates, external member Professor J R Varma expressed his reservation on continuity of RBI‘s accommodative stance.

RBI monetary policy: Here's what the experts are saying

The RBI’s Monetary Policy Committee (MPC) on August 6 decided to retain the policy stance as accommodative, explaining that this status quo, along with the unchanged repo rate (4 percent) and GDP outlook for 2021-22 (9.5 percent) will remain this way till the economy recovers from the ongoing COVID-19 pandemic.

Eyeing policy normalisation, RBI to absorb excess liquidity

RBI Governor Shaktikanta Das, post the monetary policy committee meeting, said the RBI has now decided to conduct fortnightly variable rate reverse repo (VRRR) auctions of Rs 2.5 lakh crore on August 13, 2021; Rs 3 lakh crore on August 27, 2021; Rs 3.5 lakh crore on September 9, 2021; and Rs 4 lakh crore on September 24, 2021.

Reaction on Aug 2021 Monetary Policy meeting - Industry Experts

Dr M Govinda Rao, Chief economic advisor of Brickwork Ratings: "As expected by BWR, the RBI revised upwards the full year (FY22) inflation outlook from 5.1% to 5.7% with similar upward revision in quarterly outlook. The RBI feels that the inflation breaching the upper limit of the band in May and June is transitory, it will be elevated at an average of 5.7% during the year. The continued accommodative stance highlights RBI's priority on sustaining growth recovery.

RBI's MPC begins deliberations; likely to maintain status quo on interest rate

The RBI's rate-setting panel MPC began its three-day deliberations on Wednesday to finalise the bi-monthly monetary policy amid expectations that it may opt for status quo on interest rate on account of inflationary concerns. Reserve Bank Governor Shaktikanta Das will unveil the resolution of the Monetary Policy Committee (MPC) on Friday.

RBI MPC Meet: Focus moves away from rate action to policy normalisation roadmap

We expect the RBI MPC to hold the repo rate at 4 per cent and continue to be accommodating to support the nascent recovery, in the upcoming MPC. We also expect it to sound a cautionary note and emphasise the need to closely monitor the situation,” said M Govinda Rao, Chief Economic Advisor at Brickwork Ratings.

Spurring growth in challenging times

The economic revival process was off-railed by the second Covid wave. The spurt in cases put severe pressure on health infrastructure. After the first wave, governments had become confident that they can save both lives and livelihoods, but this belief was shattered as lockdowns became unavoidable.

MSME loans risky even as banks transmitted rate cuts the most-Business Journal

The spread over one-year benchmark lending rate is the highest for such loans, according to a study by RBI economists Spreads of weighted average lending rates (WALRs) on fresh rupee loans over 1-year marginal cost of funds-based lending rate ( MCLR ) for loans to MSME was 179 basis points (bps- one bps is 0.01 per cent) in May, factoring the median WALR at 7.28 per cent even as banks transmitted 132 bps of policy rate cuts during the pandemic between April 2020 and May 2021, analysis by the economists in a study published in the latest monthly bulletin showed. Such spread for education loans was 219 per cent and the banks transmitted 162 basis points. Put simply, even though these loans are risky, lending rates were lowered to revive activities.

How fast will economy recover? It depends on businesses reopening, vaccination, Covid-19 third wave

As the sentiments towards economic revival turns positive with considerable policy support from RBI and the central government, the pace of economic recovery is dependent on the speed at which all businesses will open up followed by the vaccination drive and prevention of the third wave of Coronavirus. Brickwork has projected the growth for the first quarter of this fiscal to be around 14 per cent.

Brickwork downgrades rating on bank loan facilities of Asian Hotels

Brickwork Ratings India Private Limited has revised the ratings for bank Loan facilities of Asian Hotels (North) Limited aggregating Rs416.24cr. The credit rating agency has downgraded the long-term rating on Term Loan outstanding Rs384.24cr and Over Draft Sanctioned Rs32cr of the company from BWR B/ Negative to BWR D

Non-Convertible Debentures: Invest in NCDs only if you can handle some risk

Two non-banking financial companies—Piramal Capital and Housing Finance (PCHFL) and IIFL Home Finance — have come out with their NCD issues. PCHFL is offering interest rates of 8.35-9% depending on the tenure (26-120 months), while IIFL Home Finance is offering a coupon rate of 9.6% for monthly interest payout and 10% for annual payout for a fixed tenure of 87 months.Fixed deposits rates offered by banks are 5.5-6% for 1-5 years tenure. However, investors must be cautious while investing in an NCD and look at the credit rating of the company. PCHFL’s issue has been rated as AA by CARE Ratings and AA (outlook: Negative) by ICRA, while IIFL Home Finance’s instrument is rated AA with a stable outlook by Crisil Ratings and AA+ with a negative outlook by Brickwork Ratings.

CPI inflation breaching upper target in consecutive months a matter of concern: Experts

Further price hikes likely as domestic demand is expected to improve gradually. The CPI (Consumer Price Index)-based inflation remaining at 6.26 per cent in June is a matter of concern even as the economy has slowly started recovering from the second wave of the pandemic. Though there has been an easing of sequential momentum in both headline and core inflation, within food, perishables showed mixed trends while non-perishables were mostly lower month-on-month. However, the most glaring aspect has been that fuel inflation shot up to 12.68 per cent, following rising crude oil prices on account of increasing international price of crude oil, with constraints on production in the wake of rising demand conditions.

Brickwork revises ratings on bank loan facilities of BGR Energy Systems

Brickwork Ratings revises the ratings for the Bank Loan Facilities aggregating to Rs8305.00cr of BGR Energy Systems Ltd. Long term ratings has been revised to BWR BBB with negative outlook and short term ratings downgrade to BWR A3. According to the rationale report, the change in outlook and revision of short term rating has taken into account slow project execution rate during the 9M FY21 due to COVID related disruptions leading to significant fall in revenue and incurrence of losses.

Brickwork reaffirms ratings for bank loan facilities of Salasar Techno Engineering

Brickwork Ratings has reaffirmed the credit ratings for bank loan facilities of Rs453.83cr of Salasar Techno Engineering Limited. The rating has been reaffirmed BWR A- for long-term borrowing and BWR A2+ for short-term borrowing. “The credit rating has considered factors such as the experience of promoters, low leverage levels with comfortable debt protection metrics, well-established long-term relationship with renowned industry players and healthy order book position of the company,” Salasar Techno Engineering said in a filing on Monday

Brickwork Ratings reaffirms credit rating of Maheshwari Logistics at A-, changes outlook to negative; Stock up 1%

Brickwork Ratings has assigned a credit rating to Maheshwari Logistics Limited. The rating on fund-based long-term credit facilities was reaffirmed at BWR A-, with a change in outlook to Negative. On non-fund-based short-term facilities of the company the rating was reaffirmed at BWR A2+, the company said in a filing on Sunday. At around 10.51 am, Maheshwari Logistics Limited was trading at Rs107.90 up Rs1.25 or 1.17% on the NSE.

Repeated state-level restrictions to limit GDP growth at 14% in Q1FY22

The economy was well under recovery from the devastation caused by the first wave of the pandemic until the second wave hit the economy, starting April 2021, bringing the recovery process to an abrupt halt. The unprecedented and swift spread of the lethal virus in the second wave has caused a severe disruption in the recovery process, with almost all the states imposing restrictions on economic activities and lockdowns of varying degrees to contain the spread of the virus. Unlike last year when the centre announced a complete lockdown, this year the decision of imposing such restrictions was taken by states.

Retail inflation eases marginally in June

Retail inflation eases marginally in June at DBS Group Research, said the MPC may stay focused on growth, with an eye on the risks of a third pandemic wave. Still, its members are likely to express discomfort on the recent bout of sticky inflation in the absence of supply-side corrective steps such as fuel excise cuts, she said.

TRC direction to India's tax reforms

JULY 2021 MARKS three decadesofeco nomicreforms. Much hasbeenwritten on the severe fiscal and BoP crises leading to theirinitiation.The boldreformmeasures included two-step devaluation, adoption ofnewindustrialpolicy,and initiatingthe process ofopeningup ofthe economy.The Budget presented bythen finance minis ter Manmohan Singh on July 24, 1991, also announced the appointment of two Commissions—one on financial sector reformswith MNarasimhan as the chair manandanotheron taxreformswith Raja Chelliah as the chairman.Although there weremanyattemptsat reformingthe tax system prior to that, the directional changeinthetax systemformarket econ omywasinitiatedin thereports oftheTax Reforms Commission (TRC)

Towards Self-Reliance: Policy initiatives and impact under Aatmanirbhar Bharat

Challenges notwithstanding, Brickwork Ratings believes that policy initiatives such as Make in India, the PLI scheme and PMP, under the umbrella of Aatmanirbhar Bharat, have the potential to promote large-scale manufacturing of telecom, networking products and mobile phones in India over the medium to long term, thereby enabling India’s inclusion in the global supply chain.

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It strives to promote, propagate and assist the decision and policymakers from government and private organizations along with the technology developers and service providers to enhance and develop their capabilities. EPC World Media facilitates knowledge transfer to the grassroots and strengthens their productivity and management capabilities for the benefit of society at large through its diverse media properties in print, web and events space.

Household financial savings moderate Explains Govinda Rao

Explains Govinda Rao, chief economic adviser, Brickwork Ratings, “In the first quarter of last year, there was a national lockdown due to Covid, as a result, the high income group didn't have avenues to spend. So they saved everything and we saw a spike in savings rate. In the second quar ter, there was a partial opening up of the economic

COVID-19 second wave may lead to rise in stress in retail segment, MSMEs

Banks had hoped that with the economy expected to rebound in double digits in 2021-22, credit demand would pick up. However, with the renewed restrictions and uncertainties, credit demand may yet remain weak. Banks are also likely to be cautious this year, as they take stock of the pandemic situation, do their checks and balances on businesses and lend only if convinced on their growth prospects. “I don’t think banks are going to chase growth at the risk of asset quality deterioration,” said Ramya Muraledharan, director – ratings at Brickwork Ratings.

Need for safer, bigger homes to drive demand for residential real estate

Commercial real estate, which was performing well over the years, has come under tremendous stress during the pandemic, the report said Foreign portfolio investors’ assets under custody increased year-on-year by 103 percent to ₹41,476 crore in March 2021, according to a report by Brickwork ratings which added that improving investor sentiments were reflected in declining inventories in tier-1 cities.

'5.1% inflation projection looks challenging'

The Monetary Policy Committee's projection of 5.1 per cent inflation for FY22 looks challenging in the current scenario asthe monetary policy has limited efficacy to deal with food and fuel inflation, according to Brickwork Ratings. M Govinda Rao, Chief Economic Advisor, in a report, said: “Once the lockdown is lifted completely, pent-up demand may lead to an uncertainty in price levels, particularly in the core inflation category of the CPI. Core inflation in the CPI, which continued to remain sticky at above 5 per cent since last year, demands close attention, given the excess liquidity floating in the system.

RBI's FY22 inflation projection an underestimate now

As consumer price index (CPI) inflation crossed the upper end of the target of 6% in May for the first time in the last five months, RBI’s inflation outlook of 5.1% for the current fiscal looks an underestimate, going by the prevailing price conditions, Brickwork Ratings said in a note. “There is a likelihood of the Q1FY22 inflation breaching the RBI’s projections of 5.2% at a substantial gap if the June inflation stays beyond 6%. Moreover, it remains to be seen for how long the MPC will continue with the accommodative monetary policy stance," it said.

Experts see new surge in bad loans, could rise to 13-15% this FY

Analysts estimate that non-performing assets (NPAs) will jump from a little under 8 per cent in the previous fiscal year — helped by restructuring, write-offs and regulatory relaxations including a loan moratorium — to 13-15 per cent in 2021-22. WITH A number of large banks and non-banking finance companies facing fresh challenges posed by the second Covid wave, bad loans are projected to see a fresh spike as the rising stress across sectors is beginning to impact the repayment capacity of borrowers.

Shyam Metalics IPO: Growth outlook outweighs valuation concern, say experts

Shyam Metalics and Energy Ltd (SMEL), an integrated metal producing company with focus on long steel products and ferro alloys, has opened its Rs 909 crore initial public offer (IPO) at a time when the domestic steel firms are eyeing price hikes and investments worth Rs 76,500 crore. “Domestic steel prices are still at around a 20-25 per cent discount to the international price and are around 15-20 per cent lower than the landed cost of imported steel. Due to this, domestic steel players continue to remain optimistic about the increase in steel prices in future as well,” Brickwork Ratings said in its report.

Auto Industry may witness swift recovery after second wave

Automakers expect vehicle sales to improve slightly in June on account of easing of covid-led restrictions following a decline in new cases in some states, normal monsoon supporting rural recovery, and an increase in adoption of digital sales channels India’s automobile manufacturers may witness a swift recovery in vehicles sales once states come out of lockdown as a result of a steady decline in cases of Covid-19, according to report by Brickwork Ratings. Auto sales crashed in May as factories and showrooms were shutamid the second wave of the pandemic

Forex reserves vault over $600-b mark

India’s foreign exchange (forex) reserves crossed the important milestone of $600 billion, aided by a whopping $6.842 billion jump in the reserves in the week ended June 4, 2021. The current level of forex reserves are enough to cover nearly 16 months of imports. According to RBI governor Shaktikanta Das, the central bank has enough ammunition to meet challenges arising out of “global spillovers”, a reference to any sudden policy changes in the US or geopolitical shifts that could lead to funds exiting India.

Steel prices unlikely to soften in H2FY22: BWR

The record high price of steel may not ease in the second half of the current fiscal with demand expected to spike amid the ongoing second wave of the pandemic that has caused the demand outlook to continue to be weak and uncertain in the first half, a report by rating agency BWR said on Friday. The prices of Hot/Cold Rolled Coil (HRC/CRC) prices recently were revised upwards by around Rs 5,000 per tonne, to Rs 70,000 and Rs 83,000 per tonne, respectively. However, domestic prices of steel are lower by 15-20 per cent than landed imported steel.

Hyatt Mumbai shuts on mounting debt, pandemic

Parent company’s total debt now stands at ₹1,212 crore for FY20 Mounting debts, pending litigations, and the Covid-19 pandemic led to the closure of Hyatt Regency Mumbai’s parent company Asian Hotels (West) Limited’s downfall. Just months before the company defaulted on multiple payments, it had applied for a one-time debt restructuring of its loans. The company’s total debt was ₹1,211.85 crore for FY20. The company’s loan book was substantially higher than its revenues. It had stopped “cooperating” with credit rating agency CRISIL. Brickwork Ratings had downgraded its ratings and had given a “negative” outlook in March 2020.

RBI Monetary Policy 2021 Highlights | Have major concerns about cryptocurrencies, no change in our position: Governor Shaktikanta Das

In line with expectations, Reserve Bank of India (RBI) Governor Shaktikanta Das announced that the RBI's central bank’s Monetary Policy Committee (MPC) has decided to maintain status quo and keep its stance accomodative. This is the sixth consecutive time rates have been unchanged. In a virutual address on June 4, Das said this comes amid economic. There was no surprise today, with the RBI keeping its headline key lending rate unchanged at 4% as per market expectations. The bigger takeaway was a downward revision of real GDP growth for 2021-2022. While earlier the figure was 10.5%, the expectation is now at 9.5%.

RBI MPC June 4: Repo rate cut unlikely, accommodative stance may continue; experts say ensure liquidity

The Reserve Bank of India's Monetary Policy Committee began its bi-monthly deliberations on Wednesday amid expectations of keeping a status quo on repo and reverse repo rates due to uncertainty over the impact of the second COVID-19 wave. The Reserve Bank of India’s Monetary Policy Committee began its bi-monthly deliberations on Wednesday amid expectations of keeping a status quo on repo and reverse repo rates due to uncertainty over the impact of the second COVID-19 wave. The monetary policy outcome will be announced on Friday, June 4, 2021.

Moderate impact of 2nd wave seen

The impact of the second wave of a pandemic on different sectors will be largely moderate compared to the first wave last year, says Brickwork Ratings. Engineering goods, automobiles and ancillaries, BFSI and media and entertainment, which were in the “high impact” category in the first wave are now in the “moderate” category Partial opening of eco nomic activities, declining interest rates and a pick-up in execution are helping engineering goods. As for automobiles, demand revival over the low base of last year, robust delivery channels and pent-up demand might be supportive. Revival in the collection cycle will support BFSI. Localised and less stringent restrictions allow a slight scope of growth for media.

RBI Loan Restructuring of up to Rs 50 Cr for MSMEs: Eligibility, Other Criteria

In a bid to provide relief amid the second wave of COVID-19 pandemic, Reserve Bank of India (RBI) announced doubling of loan restructuring limits for micro, small and medium enterprises (MSMEs) and small borrowers to Rs 50 crore. “With a view to enabling a larger set of borrowers to avail of the benefits under Resolution Framework 2.0, it has been decided to expand the coverage of borrowers under the scheme by enhancing the maximum aggregate exposure threshold from �25 crore to �50 crore for MSMEs, non-MSME small businesses and loans to individuals for business purposes," Shaktikanta Das, governor, Reserve Bank of India announced on Friday.

RBI Monetary Policy: Industry Reactions- Financial Services Rajee R, Chief Ratings Officer, Brickwork Ratings

In line with BWR expectations, RBI has maintained its status quo on policy while reiterating that this stance will continue as long as necessary to support growth and help an economy battling for revival. Opening a Rs 15,000 crore On-Tap Liquidity Window for the stressed contact intensive sectors is expected to provide much-needed succour. Continuing with its measures to ensure smooth liquidity management and accommodative financial conditions, RBI announced G-SAP 2.0 of Rs 1.2 lakh crores. SLF of Rs 16,000 Crore to SIDBI for on-lending and refinancing and the enhancement in limit for restructuring of loans by banks to Rs 50 crore from Rs 25 crore are welcome moves to support MSMEs. We expect that the steps announced would increase consumption demand and aid incremental economic activity

RBI Loan Restructuring of up to Rs 50 Cr for MSMEs: Eligibility, Other Criteria

In a bid to provide relief amid the second wave of COVID-19 pandemic, Reserve Bank of India (RBI) announced doubling of loan restructuring limits for micro, small and medium enterprises (MSMEs) and small borrowers to Rs 50 crore. “With a view to enabling a larger set of borrowers to avail of the benefits under Resolution Framework 2.0, it has been decided to expand the coverage of borrowers under the scheme by enhancing the maximum aggregate exposure threshold from �25 crore to �50 crore for MSMEs, non-MSME small businesses and loans to individuals for business purposes," Shaktikanta Das, governor, Reserve Bank of India announced on Friday.

India Inc. takes predictions about the advent of the COVID-19 third wave in its stride, bring it on, it says.

The outbreak of the pandemic has not been an easy time for the industrial sector in India. The second wave of COVID-19 has only added to its woes, taking a heavy toll on it, not just economically but emotionally as well. However, as of now India Inc. has learnt many valuable lessons and is transforming and adapting itself to survive. Now experts are predicting the advent of an inevitable third wave. Is India Inc. ready for it? We spoke to some insiders for some insights into this predicament. “We should prepare for the new (third) wave,” alerted K. Vijay Raghavan, the Principal Scientific Advisor to the government earlier in the first week of May.

RBI To Announce Monetary Policy Committee’s Decision Today, Repo Rate Likely To Be Unchanged

According to reports, the central bank is likely to keep the Repo rate unchanged given COVID-19 uncertainty and fears over inflation. The Reserve Bank of India which started the bi-monthly monetary policy review on June 2 will present the committee’s decision on Friday with Governor Shaktikanta Das expected to announce the updates. According to reports, the central bank is likely to keep the Repo rate unchanged given COVID-19 uncertainty and fears over inflation. Reports also suggested that the Repo rate (lending rate) is likely to continue at 4 percent and reverse repo rate (RBI’s borrowing rate) at 3.35 percent. Notably, the MPC had left the rates unchanged during the last MPC meet in April 2021. However, this would be the sixth consecutive time the RBI maintains status quo if rates remain unchanged on Friday.

Policy rates to remain unchanged? RBI governor Das to announce at 10am

If the repo rate and reverse repo rate are retained at 4% and 3.35% respectively, this would be the sixth consecutive time that these would have been left unchanged.Reserve Bank of India (RBI) governor Shaktikanta Das will at 10am on Friday announce the decisions of the central bank’s Monetary Policy Committee (MPC), which is likely to keep the repo rate and reverse repo rate unchanged at 4% and 3.35% respectively for the sixth consecutive time. “Watch out for the Monetary Policy statement of the RBI Governor @DasShaktikanta at 10 am on June 4, 2021. Post-policy press conference telecast at 12 noon on the same day,” the RBI’s official Twitter handle tweeted on Thursday afternoon.

RBI's MPC begins deliberations amid expectations of status-quo in policy rate

The Reserve Bank's rate-setting panel, Monetary Policy Committee (MPC), began its three-day deliberations on Wednesday amid expectations of a status quo on benchmark rate mainly on account of uncertainty over the impact of the second wave of COVID-19 pandemic. Moreover, the fears of firming inflation may also refrain the MPC from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced on Friday. The RBI had kept key interest rates unchanged at the last MPC meeting held in April. The key lending rate, the repo rate, was kept at 4 per cent and the reverse repo rate or the central bank's borrowing rate at 3.35 per cent.

COVID-19 crisis: Banks may beef up provisions to year-ago level in April-June quarter, say analysts

In a report dated April 15, analysts at Brickwork Ratings wrote that banks must hold capital more than regulatory requirements "Considering the existing asset quality stress and likely increase in the near term, BWR views that maintaining the capital adequacy ratios with a supportive cushion of at least 1% over and above the Basel III guidelines shall assist the appetite of banks for enhancing their credit risk," the report said.

Changing GST rates for Covid-supplies no panacea

The solution lies in ensuring adequate supply and not making ad hoc changes to GST rates. The 43rd meeting of the GST Council convened on May 28 to decide on matters including tax treatment of Covid-19 supplies, dealing with inverted duty structure for certain items and extension of relief to small taxpayers, and extension of compensation period beyond June 2022, when the current scheme comes to an end.

India’s Q4 economic report card better than expected, GDP grows 1.6%; Experts decode GDP data

India’s economic report card came in with better-than-expected numbers as the GDP recorded a 1.6% growth in the January-March period. India’s economic report card came in with better-than-expected numbers as the GDP recorded a 1.6% growth in the January-March period. The growth figures were better than the 1% median forecast by 29 economists polled by Reuters. For the full financial year 2020-21, the economic contraction came in at -7.3%, better than the government’s own -8% estimates.

Centre's soaring debt may curb productive spending

Mr. Govinda Rao, a member of the 14th Finance Commission and current chief economic adviser at Brickwork Ratings, said: “Even if the 15th Finance Commission’s consolidation path is strictly followed, the Centre’s debt is expected to be reduced from 62.9% in FY21 to 56.6% in FY26. This implies that the interest payment will remain at elevated levels and continue to crowd out more productive expenditures.”

Mr. Chintan Lakhani joins Brickwork Ratings as Director - Large Corporate Ratings

Brickwork Ratings (BWR) has appointed Mr. Chintan Lakhani as Director - Large Corporate Ratings for the Western Region. Chintan is a seasoned professional with 14 years' experience, having worked across Banking, Ratings and Corporate verticals. At BWR, Chintan will be involved in rating Corporates across the spectrum including Real estate, Infrastructure, Auto Components, Metals, Education, etc. By qualification, he has completed MBA (Finance), Master of Commerce, Bachelor of Management Studies, Bachelor of Law and has cleared two levels of CFA.

Q4 GDP DATA LIKELY TO BE BETTER THAN ESTIMATES

EXPERTS in the fourth quarter of the fiscal year 2020-21 (Q4FY21), said independent economists and leading rating agencies surveyed by business Standard, better than the gOvernment's prediction of a contraction. M Govinda Rao, chief eco nomic adviser at Brickwork Ratings said GDP will be in the positive territory in Q4, witnessing a growth rate of 1.5-2 per cent, while the full year will see contraction between 7 and 7.5 per cent

India’s competition laws need to tackle regulatory shopping

The liberalisation of India’s economy in the early 1990s reduced the direct involvement of the government in various sectors. The emergence of private firms in previously closed sectors and a reduced role for public sector enterprises meant that sectoral regulations had to be introduced to protect the interests of consumers while also offering a stable and predictable market environment. The dysfunctional Monopolies and Restrictive Trade Practices Act was replaced by the Competition Act in 2002. As part of the Act, the Competition Commission of India (CCI) was formed in 2003. The Act had to be amended twice over the next decade before the CCI became operational. But this extended genesis has not provided clarity around the scope and jurisdiction of the CCI with respect to sectoral regulators - and regulatory shopping has emerged as a major source of conflict.

Tanu Sharma to head Brickwork Ratings’ north India large corporates analytical group

Was employed with India Ratings & Research Private Limited earlier Tanu Sharma has joined Brickwork Ratings (BWR) as Director-Ratings and is overseeing the north India large corporates analytical group. “She will be also handling the automobile and textiles sectors for BWR,” a Brickwork Ratings release said. Prior to joining Brickwork Ratings, she was employed with India Ratings & Research Private Limited for a period of 12 years, where she co-headed the Communications and Logistics vertical and successfully handled large analytical teams.

GST Council to convene on May 28

The Goods and Services Tax Council will meet for the first time in more than seven-and-a-half months, on May 28, Finance Minister Nirmala Sitharaman announced on Saturday, setting the stage for the Centre and States to take up several pending as well as pressing issues relating to the indirect tax amid the COVID-19 pandemic. Apart from the possible inclusion of petroleum products under the GST regime to ease the tax burden that has pushed retail fuel prices to record levels, the Council is also expected to take up States’ concerns on GST levies on critical COVID-19 supplies, including the 5% GST on vaccines.

States floating global tenders for vaccines will lead to higher cost, says economist M. Govinda Rao

M. Govinda Rao, a former member of the Economic Advisory Council to the Prime Minister and a member of the 14th Finance Commission and now chief economic adviser at Brickwork Ratings, says in an email interview that for a second year in succession the Budgets presented have become irrelevant even before the ink has dried. The strictest lockdown declared last year caused untold misery to livelihoods of a large numbers of workers, particularly in unorganised sectors. The decision was centrally made under the National Disaster Management Act and the objective was to save lives and provide the time required to ramp up health infrastructure to deal with the pandemic.

Surging COVID cases in India could threaten strong economic recovery

The rating agency expects growth to fall to 9.8% under its moderate scenario and to 8.2% under the severe scenario. The rating agency however, maintained its sovereign rating for India remains unchanged. S&P has a BBB- rating on India, its lowest investment grade, with a steady outlook S&P Global Ratings on Friday said surging cornavirus cases in India could threaten the strong economic recovery it has seen so far, even as the finance ministry claimed that the second wave of the pandemic may have muted economic impact as compared to the first wave.

Govt sees limited economic impact

The second wave of the coronavirus pandemic may shave off one percentage point from India’s initial economic growth forecast for FY22, according to an internal finance ministry assessment that assumes that the disease will peak in May. “We don’t think the economic impact will be as serious as last year. The localized lockdowns will last at best for a month or two months. This may lead to around 1 percentage point loss of GDP compared to starting estimate's a senior finance ministry official said on condition of anonymity.

Ramya Muraledharan joins Brickwork Ratings

Ramya A Muraledharan, has joined Brickwork Ratings (BWR) as Director, Ratings. She will be overseeing the banking, NBFC and securitisation ratings portfolio at BWR. Ramya has a rich experience of 13 years with leading private sector banks working in areas such as credit appraisal, credit policy and processes, relationship management, early warning systems, stress testing, etc. She has handled diverse sectors such as non-banking financial services (NBFCs), telecom, ports and airports.

RBI's Covid relief: SFB loans to MFIs get priority sector status

To soften the blow of the second pandemic on low-income groups, the Reserve Bank of India (RBI) will provide Rs 10,000 crore for three years at the repo rate to small finance banks (SFBs) to lend individuals, small and medium enterprises (SMEs), etc. The RBI incentivised SFBs to lend microfinance institutions (MFIs) by granting priority sector lending status to such exposures. Credit will be up to 10 per cent of a bank’s priority-sector portfolio as of March 31, 2021.

Second Covid-19 surge: Dealing with the uncertainties

Vaccine is a national public good, and it must be financed through taxation and made available to all uniformly without charging. The dramatic change in the economic mood of the country, from déjà vu to one of desperation, has not taken long. Even in the second week of March, there was a feeling of triumph of winning the Covid-19 battle without many scars, and boastful claims were made about India being a pharmacy of the world.

India’s slow economic activity in April may hit quarterly GDP

UBS leverages its Evidence Lab data on traffic congestion and other high-frequency data on electricity demand, passenger traffic, vehicle registration, e-way bill generation, unemployment levels, work demand under rural employment programme etc to gauge the impact of the rising covid-19 cases and ensuing restrictions on the wider economy. (AFP)

Core sector output grows 6.8% in March on low base

The output of coal (-21.9%), crude oil (-3.1%), refinery products (-0.7%), and fertilizers (-5%) continued to contract, according to data released by the industry department on Friday. The output of eight infrastructure sectors grew at 6.8% in March—a 32-month high— as a result of the low base of last year, giving a false sense of normalcy. This comes against the backdrop of a raging Covid-19 pandemic and slow vaccinations, threatening to delay any meaningful revival in Asia’s third-largest economy.

Brickwork Ratings revises downwards GDP forecast to 9% for FY22

Brickwork Ratings in a report Tuesday said the deadly second wave of COVID-19 has brought an abrupt halt to the country's nascent economic recovery from the pandemic.Domestic rating agency Brickwork Ratings Tuesday revised downwards the country’s FY22 GDP growth projection to 9 per cent from an earlier estimate of 11 per cent.

Shristi Infrastructure receives revision in credit ratings

Shristi Infrastructure Development Corporation announced that Brickwork Ratings India has revised the credit ratings of the company's debt facilities as under: Long term bank loan facilities - BWR D Short term bank loan facilities - BWR D Secured redeemable non-convertible debentures of Rs 145 cr - BWR C

RBI Monetary Policy 2021: KEY HIGHLIGHTS, top 11 points by Governor Shaktikanta Das and reactions – who said what?

RBI Monetary Policy 2021: Reserve Bank of India on Wednesday expectedly left interest rates unchanged and maintained an accommodative stance as the economy faces a renewed threat to growth due to the resurgence of coronavirus cases. The central bank kept the benchmark repurchase rate unchanged at 4 per cent and maintained an accommodative policy stance to support growth

RBI Monetary Policy 2021: KEY HIGHLIGHTS, top 11 points by Governor Shaktikanta Das and reactions

RBI Monetary Policy 2021: Reserve Bank of India on Wednesday expectedly left interest rates unchanged and maintained an accommodative stance as the economy faces a renewed threat to growth due to the resurgence of coronavirus cases. The central bank kept the benchmark repurchase rate unchanged at 4 per cent and maintained an accommodative policy stance to support growth. RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) kept its estimate for economic growth unchanged at 10.5 per cent for the current fiscal. MPC saw inflation edging up to 5.2 per cent in the first half of the new fiscal from 5 per cent in the January-March period and moderate to 4.4 per cent in Q3 of FY22.

Are You Saving Money By Putting in Savings Account? Actually NOT

You could not have seen it however the precise rate of interest that you're getting in your financial institution deposits and investments in small financial savings schemes has fallen into the detrimental territory. This implies that the return on investments isn't yielding any optimistic worth however solely overlaying for increased inflation and financial savings may very well be falling in their actual worth.

Power sector revival requires structural changes: Brickwork

The revival of the country’s power sector requires to meaningful structural changes, targeting an improvement in the operational efficiency, a reduction in cross-subsidies and cost-reflective tariffs said a report by Brickwork Ratings.

Srei Equipment Fin receives EoIs from global PE players for up to $250-m infusion.

Srei has a consolidated debt of around Rs 20,000 crore from Indian banks and around Rs 10,000 crore through bonds and from other financial institutions.

Yields on 10-year bond fell below 6 per cent for the first time in two months

The yields declined nearly 22 basis points from Wednesday’s high of 6.19 per cent on the announcement of G-SAP 1.0. Yields on the benchmark 10-year bond on Friday fell below 6 per cent for the first time in two months as expectations swirled around the G-Sec Acquisition Programme (G-SAP 1.0) of the Reserve Bank of India (RBI) which kicks off next Thursday.

Commodity Concern: Rising prices emerge as next big hurdle for economic rebound

New Delhi, April 3 : India's slow but sure economic rebound faces rising inflation flared by high commodity prices as the next big hurdle to attain faster overall recovery. In the last 3-6 months, accelerated economic recovery along with global stimulus measures as well as ultra-low interest rates and commencement of vaccine drive have fuelled the surge in commodity prices. Accordingly, prices of steel, cement, pharmaceuticals and even cotton yarn have skyrocketed. Even food and fuel prices remain at elevated levels prompting producers and marketers to pass on the slightest cost escalation to end consumers. According to economy watchers, this inflationary trend without a commensurate wage increase will hamper growth prospects in FY22.

Karnataka budget fiscally prudent despite pandemic

As in other States, the Covid-19 pandemic had a disastrous effect on Karnataka’s fiscal health. The lockdown and closure of economic activities had its effect leaving the State’s own tax revenues in 2020-21 lower than the budget estimate by ₹17,049 crore, and the tax devolution lower by ₹8,538 crore, partly due to lower central tax collections and partly due to the lower tax devolution resulting from the Fifteenth Finance Commission’s award.

Cabinet approves bill to set up Development Finance Institution

To be started at an initial paid-up capital of Rs 20,000 crores, the proposed DFI will also receive an additional grant of Rs 5,000 crores from the government. In a move that could speed-up the process of infrastructure development in India, the union cabinet, on March 16, 2021, approved a bill to set up a Development Finance Institution (DFI), to offer long-term capital support for the sector.

Govt may maintain inflation target band

“Butifthetargetisraised in the backdrop of elevated fiscal deficit, it will signal an expansionary policy. So, from a sig nalling perspective, too, the target shouldn’t be altered, she had added. Similarly, according to M Govinda Rao, member of the 14th Finance Commission and current chief economic advisor at Brickwork Ratings, once the current output gap narrows, surplus liquidity conditions could pressure inflation and the RBIwill have tobevigilant.“But that doesn’t mean that the inflation targeting framework should be meddled with.

IIP contracts 1.6%in Jan, retail inflation rises to 5.03% in Feb

IN A DOUBLE whammy for the economy, industrial production growth re-entered the negative territory by contracting by 1.6%in January, while retail inflation soared to a three-month high of 5.03% in February on costlier food items. The National Statistical Office (NSO) in the ministry of statistics and program implementation (MoSPI) released the Quick Estimates of Index of Industrial Production (IIP) for January 2021 and Consumer Price Index (CPI) numbers for February 2021 on Friday evening.

Rationalise GST structure

It’s an opportune moment to remove the ‘birth defects’ of GST. Bring petro products into its ambit, rationalise inverted duty structure. Skyrocketing oil prices have once again brought out the need to include petroleum products within the ambit of GST. The Union Finance Minister has recently made a case for its inclusion and going by the press re- ports, finance ministers of even some opposition-ruled states are not averse to the idea so long as their revenues are safeguarded.

When leaders Choose To Challenge: International Women's Day 2021

As a part of the She Matters campaign, we asked leaders to raise their hand high and show that they commit to "choose to challenge" and call out inequality and create an equitable workplace. In the wake of major social and political changes over the past decades, leading companies are taking steps to increase diversity, equity, and inclusion. According to a number of researches, we have found that diverse companies outperform with more homogenous demographics, have lower volatility, a better return on equity, and the higher the degree of creativity and cognitive conflict during the decision-making process.

The number game: Making sense of GDP estimates

The sector-wise estimate for Q4, deciphered from the three quarter estimates and the second advance estimate for the whole year, does not make much sense. The second advance estimates of GDP for the current year, along with the third quarter estimates, released by the Ministry of Statistics and Programme Implementation (Mospi) do not come as a surprise. The estimates of 1% GVA and 0.4% growth in GDP mark the end of the recessionary phase.

M. Govinda Rao, Chief Economic Adviser, Brickwork ratings on Q3FY21 GDP numbers

The second advance estimate and the third quarter estimate of GDP released by the Ministry of Statistics and Programme Implementation (MOSPI) are on expected lines. The estimate of 1% growth in GVA and 0.4% growth in GDP marks the ending of the recessionary phase. In fact, all the sectors except (i) Mining and Quarrying, (ii) Trade, Hotels, Transport and communication services and (iii) Public administration, defence and other services have recorded positive growth in the third quarter.

Sugar production to rise by 12 to 14 pc in SS 2020-21

New Delhi [India], Feb 23 (ANI): Sugar production in the country is likely to grow by 12 to 14 per cent year-on-year to 31.5 million tonnes in the October 2020 to September 2021 season, The pan India sugercane area is pegged at 5.23 million hectares for 2020-21, about 7 per cent higher than the previous year's cropped area of 4.87 million hectares.

Don't dilute inflation target: Economists

Economists changes in the overall frame work. Within the broadertarget, a seperate, lower core inflation band of 4(+/-1)% should be set, he said. "Moreover, the remit of the MPC should be widened to cover instruments beyond just the key policy rstes," Senadded. Pertinently, a recent RBI paper made a case for maintraining the 4% target, saying "if it ain't broke, don't fix it".

Tweaking of HAM along with budget announcements a positive for roads sector

The government has announced modifications in the HAM concession agreement in November 2020: Linking of interest rates to average MCLR of top 5 banks instead of Bank rates will offset the interest rate risk. This is expected to generate better stability of cash flows which will lead to lower volatility in DSCR and will also safeguard the return of the developers. The revision in the lock-in period to sell 100% equity post Commercial Operation Date (COD) from 2 years to 6 months is expected to deleverage the balance sheet and free up the equity earlier which will lead to increase in the investments in the road sector.

10.5% growth in 2021-22, will raise CRR in two stages, says RBI

In line with strengthening signs of economic recovery, the Reserve Bank of India (RBI) has forecast that real GDP, hit by the Covid pandemic in 2020-21, is expected to grow by 10.5 per cent in 2021-22. Signalling the unwinding of the surplus liquidity in the system, the RBI has decided to restore the cash reserve ratio — the portion of bank deposits that is kept with RBI — in a non-disruptive manner from 3 per cent to 4 per cent in two stages by May 22 this year.

RBI opens endless tap for govt to borrow from - retail investors

Mumbai, Feb 5 (PTI) Reserve Bank governor Shaktikanta Das on Friday said there is no way the move to allow small investors to directly enter government bonds market will starve banks of their deposits --their cheapest source of funds -- saying the size of the pie is big enough to be pooled. RBI, tasked with managing a whopping Rs 12 lakh crore of government borrowing next fiscal, in its bid to widen the investor base for government bonds, has made a major policy shift by deciding to allow small investors direct entry into this market to help deepen the financial markets in general and gilt market in particular.

Post-budget sectoral report by Brickwork Ratings

"In continuation to the GOI’s plans of PSB consolidation, it has announced the privatisation of two PSBs and a general insurance company for FY 2021-22. The privatisation will further encourage competitive environment in the banking industry. It will also reduce the GOI’s burden of continued funding support to such PSBs. PSBs’ recapitalisation to the tune of Rs.20,000 crore is expected to strengthen the capital levels of the banks required for boosting credit growth. The funding support is also likely to address any incremental deterioration in the banks’ asset quality.

Why DICGC Act amendment is big news for small depositors

In the 2021 Union Budget, Union Finance Minister Nirmala Sitharaman proposed to amend the Deposit Insurance and Credit Guarantee Corporation Act (DICGC). This is aimed at enabling depositors of troubled banks to access their money through DICGC route even if banks are temporarily unable to meet the obligations. This announcement assumes significance, particularly for smaller depositors. Earlier, DICGC could be invoked only on liquidation of banks.

RBI’s Monetary Policy Committee meet to begin today

The Reserve Bank of India’s (RBI) three-day Monetary Policy Committee (MPC) meeting is scheduled to begin on February 3. The six-member MPC, headed by RBI Governor Shaktikanta Das, will share the outcome of the meet on February 5. The committee is forecast to leave the key policy rate unchanged, but watchers feel the Union Budget could trigger policy changes. "We expect the MPC to continue the pause. The fall in inflation rate was mainly due to fall in food prices. The core inflation rate has not come down.

Affordable Housing Government’s Focal Point For Real Estate

Developers get a year until March 2022 to claim a 100% tax deduction for affordable housing projects. This extension will ensure the continued interest of developers for the construction of affordable housing projects and help achieve the government’s FY22 Housing for All objective. At a time when sentiments in the real estate sector are low, the announcements are expected to boost demand for this segment. The budget continues from last year the additional deduction of up to Rs. 1.5 lakh on interest paid on loans for houses valued up to Rs 45 lakh.

Healthcare honchos give a thumbs up to the union budget

The budget 2021 has provided the much expected increase in public expenditure on Healthcare. The FM has announced an outlay of Rs 64180 crores over six years though, on Atma Nirbhar Swasthya Bharat scheme in addition to the National Health Mission budget. There appears to be an integrated approach whereby both the short term and immediate needs as well as the longer term measures have been proposed.

Loan limit for debt recovery for NBFCs with Rs100 crasset size lowered to Rs 20 lakh

The government on Monday announced lowering the loan amount eligible under the SARFAESI Act for recovery to Rs20 lakh from Rs50 lakh for certain NBFCs, a move which, industry players said, would help strengthen the sector and recover dues. This will not only bring credit discipline but will also protect the interest of small borrowers.

Financial Express RECAP, DFI BOOST FOR PSBs

The Announcement of a Rs 20,22-crore recapitalisation round and the establishment of a new development finance institution (DFI) could together help ease the capital constraints faced by public sector banks (PSB's), industry executives said. However, concerns remain about the adequacy of the outlay for recapitalisation,especially in the event of a fresh asset quality review (AQR) exercise.

UNION BUDGET 2021-22: THERE IS A BUZZ IN THE ELECTRIC VEHICLE SPACE

The Union Budget 2021-22 presented by Nirmala Sitharaman may not have given a single sop to the electric vehicle industry but those in this electric vehicle space are upbeat over the indirect measures in the Union Budget 2021-22 that could eventually lead to the growth of the Indian EV industry.Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV) while hailing the scrappage policy said the he hoped it would be designed in such a way that would automatically push the adoption of electric vehicles.

Steel Price Surge Pushes India to Cut Taxes on Imports

India is opening its doors to cheaper steel, cutting taxes on shipments of the alloy amid surging prices at home as it focuses on building infrastructure to revive the economy. The customs duty on primary or semi-finished products, flat- and long-products of steel and stainless steel will now be taxed at a flat rate of 7.5%, Finance Minister Nirmala Sitharaman said in her budget speech in New Delhi on Monday.

RBI LIKELY TO MAINTAIN STATUS QUO ON RATES

EXPERT reserve Bank of India T(RBD) is likely to maintain a status quo on benchmark interest rate in its next monetary policy meet outcome to be announced on 5 February, four days after the presentation of the Union Budget 2021-22. Experts are of the view that RBIwillrefrain from tinkering with the interest rates and keep the monetary stance accommodative at the policy review though it will take guidance from the budget tobe unveiled by finance minister Nirmala Sitharaman in the Lok Sabha on Monday.

Budget 2021: Pharma, healthcare expects big sops, higher allocation

Considering the current inadequate infrastructure in healthcare segments, there is a larger expectation that budget allocation to healthcare would be around 2% to 2.25% of the GDP. The Union Budget 2021, to be presented by Finance Minister Nirmala Sitharaman in the Parliament on February 1

Economic survey 2020-21: Forget rating agencies, spend without fear

The Economic Survey endorsed continuation of the expansionary fiscal policy to sustain recovery in demand as the economy comes out of the pandemic shock. Coming down heavily on global rating agencies, it suggested that India’s fiscal policy should not be restrained by ‘biased and subjective’ ratings and should focus on growth and development. To drive home the point, the Survey quoted Rabindranath Tagore’s famous lines “where the mind is without fear”.

Will Union Budget 2021 benefit women home-buyers?

There are considerable benefits for women home-buyers in the form of concessional interest rate on home loan (0.15-0.3 per cent), reduction in stamp duty in some states and additional tax benefits ws BOC in I-T act im case of joint ownership. Also, a woman mandatorily has to be a co-owner for a house constructed under the Pradhan Mantri Awas Yojana (PMAY).

Forget rating agencies, spend without fear

The Economic Survey endorsed continuation of the expansionary fiscal policy to sustain recovery in demand as the economy comes out of the pandemic shock. Coming down heavily on global rating agencies, it suggested that India’s fiscal policy should not be restrained by ‘biased and subjective’ ratings and should focus on growth and development. To drive home the point, the Survey quoted Rabindranath Tagore’s famous lines “where the mind is without fear”.

Economic Survey to be tabled today

Parliment's Budget session kicks off on Friday, beginning with the tabling of the Economic Survey for this year. The Union Budget, which Finance Minister Nirmala Sitharaman has said will be 'one like never before' in the midst of the COVID-19 pandemic, will be presented on Monday.

Invest In Climate-Resilient Infrastructure, Low Carbon Technologies, Say Experts

For the renewable sector, financial schemes such as interest subvention on term loan and working capital, upfront central financial assistance on CAPEX are expected from Budget 2021, rating agency Brickwork Ratings said in its report titled 'BWR Pre-Budget Expectations FY22'. An increase in various export incentives, implementation of basic customs duty (BCD) with an exemption to solar manufacturers based in a special economic zone (SEZ), implementation of production-linked incentive schemes are expected in the upcoming budget for the sector.

Health Insurance Firms Seek Increase In Limit Of Tax Deduction In Section 80D

The government spend on the healthcare sector is expected to be around ₹ 50,000-Rs.60,000 crore which in turn, would have a higher share on the budgetary allocation for the sector, rating agency Brickwork Ratings said in its report titled 'BWR Pre-Budget Expectations FY22'. With the current inadequate infrastructure in healthcare segments - specifically, the doctor to patient ratio of 1: 1456 and beds to patient ratio of 131: 100000, the budget allocation for healthcare could be around two per cent to 2.25 per cent of the gross domestic product (GDP), considering the government's policy to increase healthcare spending to three per cent of the GDP by 2022.

Budget 2021: Auto Sector Seeks GST Reduction In Lithium Batteries, PLI Details

In recent years, the automobile sector witnessed several challenges in terms of reduction in demand and increase in costs due to the introduction of new safety and emission norms. In last year's budget, the demands for the sector were unmet. Budget 2021 is significant as it will be presented amid the COVID-19 pandemic when the government is trying to revive the economy. In order to provide a significant boost to the auto sector, Brickwork Ratings suggests in its report titled 'BWR Pre-Budget Expectations FY22', that an indication towards the transitory rationalisation of GST on automobiles from the current rate of 28 per cent in the budget could be a catalyst in reviving sales.

Railway Budget 2021 Allocation Expected To Be Around ₹ 1.70 Lakh Crore

The allocation towards the railway budget is expected to be around ₹ 1.70 lakh crore and the gross budgetary support for railways expected to be around ₹ 75,000 crore, rating agency Brickwork Ratings said in its report titled 'BWR Pre-Budget Expectations FY22'. Along with the main allocation for Railway Budget 2021, the agency also expects that the allocation of safety fund for the railway network should be increased by 50 per cent from the current ₹ 20,000 crore to ₹ 30,000 crore per year, that will help in boosting the safety infrastructure.

Will Union Budget 2021 benefit women home-buyers?

Owning a home has emerged as a top priority for women professionals across the country. Apart from existing incentives in the form of marginally lower interest rates and proparty taxes, here are industry leaders' expectations from Union Budget 2021 that could empower existing and aspiring women home-buyers in the country.

Interview I This is not the time to worry about the fiscal deficit, says Dr Govinda Rao

The government shouLd consider changes in the Direct Taxes Code when the econo111y improves, says former director of National Institute of Public Finance and Policy. It is time for the government to loosen the purse strings and boost spending to rekindle the economy's animal spirits, says Dr M Govinda Rao, former director of National Institute of Public Finance and Policy and Chief Economic Advisor of Brickwork Ratings.

The government had invited expressions of interest from bidders for its 51% stake in mini-Ratna PSU Pawan Hans, with January 19 as the deadline.

The Finance Ministry has extended the bidding deadlines for the strategic disinvestment of Pawan Hans by a month, citing logistical challenges faced by interested bidders due to the COVID-19 pandemic. This marks another setback for the government’s already dented plans to raise ₹2.1 lakh crore through disinvestment in 2020-21, with just about ₹14,000 crore raised so far through minority stake sales.

High debt may not warrant rating cut

India may not face cuts in sovereign ratings just because its debt to gross domestic product (GDP) ratio is likely to move closer to 90 percent in the current fiscal year and the liabilities may remain high even during next fiscal year because of the demand for fiscal expansion. However, there has to be acredible debt management road map once the economy returns to its normal level, experts have cautioned.

Real GDP To Grow At 11pc In FY22

As per the first Advance Estimates (AE) of the GDP released by the Ministry of Statistics and Programme Implementation (MOSPI), the economy is expected to contract by 7.7% in FY21. 'The estimates are close to our estimate of 7% to 7.5% contraction in GDP," says a report by Brickwork Ratings. Although these estimates are likely to undergo revisions, the projections in the second AE are likely to be revised upwards owing to the recent economic recovery reflected by the performance of some leading indicators.

Real GDP To Grow At 11pc In FY22

The country's real gross domestic product (GDP) is likely to expand by 11 per cent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.

Real GDP to grow at 11 per cent in FY22

The country's real gross domestic product (GDP) is likely to expand by 11 per cent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.

Real GDP To Grow At 11pc In FY22

The country's real gross domestic product (GDP) is likely to expand by 11 per cent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.

Real GDP to grow at 11 per cent in FY22

The country's real gross domestic product (GDP) is likely to expand by 11 per cent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.

India Needs to reverse its protectionist stance in the budget

The new year brings in hopes of liberation and revival. With active cases of Covid-19 on the decline and the availability of the vaccine in the horizon, there is considerable hope that lives and livelihoods will return to normalcy soon. On the economic front, the growth performance in the Q2FY21 was much better than expected.

Proposed new tariffs on import of solar cells, modules a positive for the sector

The Finance Ministry proposal to issue an order to impose a basic 40 per cent customs duty on modules and 25 per cent on solar cells as a part of Aatmanirbhar Bharat is seen as a positive step aiding the domestic manufacturers who have been making out a case for this from some time. According to Brickwork Ratings, the customs duty will replace the current 15 per cent safeguard duty imposed on imports from China and Malaysia. India plans to impose the new tariffs on of solar cell and module imports from April 1, 2022.

India’s GDP: Quickest to fall, fastest to recover

The covid-19 induced turmoil showed weakness as well as resilience of India's economy in 2020, as the country's GDP recorded abysmal fall and breathtaking recovery. The economy, which faced a severe slowdown prior to the pandemic, was decimated due to the lockdown imposed to curb the pandemic's spread. Accordingly, the country's GDP contracted by more than 23 per cent in Q1FY21.

India's GDP: Quickest to fall, fastest to recover

The covid-19 induced turmoil showed weakness as well as resilience of India's economy in 2020, as the country's GDP recorded abysmal fall and breathtaking recovery. The economy, which faced a severe slowdown prior to the pandemic, was decimated due to the lockdown imposed to curb the pandemic's spread. Accordingly, the country's GDP contracted by more than 23 per cent in Q1FY21.

Edelweiss Financial Services NCD offers 9.95 per cent coupon

Edelweiss Financial Services Ltd is coming up with secured redeemable non-convertible debentures (NCD) with a face value of Rs 1,000 for each NCD. The base issue size is Rs 100 crore with a greenshoe option of retaining oversubscription up to Rs 100 crore, which takes the issue size up to Rs 200 crore. The company is offering coupon rates that range from 9.35 per cent to 9.95 per cent, having tenures of 36 months, 60 months, and 120 months.

Stocks To Watch: ACC, Ambuja Cement, Bharat Forge, Bharti Airtel, Dish TV, Vodafone Idea

Indian equity markets continued their rebound from Monday's losses, ending higher for the second straight day with buying seen across the board. The S&P BSE Sensex ended nearly 1% higher at 46,444 while the NSE Nifty 50 index ended above the mark of 13,600, up 1% at 13,601. Both the benchmarks have now recovered nearly 2% of Monday's 3% decline

Elecon Engineering climbs 4% after Brickwork reaffirms rating on its credit facilities

Redeemable NCDs issued by the company on a private placement basis of Rs97.14cr has been reaffirmed at BWR A- with negative outlook. Brickwork Ratings India Private Limited (BWR) has reaffirmed rating on bank credit facilities and Non-Convertible Debentures (NCDs) of Elecon Engineering Company Limited.

Economy to contract by 7 to 7.5% in FY21: Brickwork Ratings

The better-than-expected second quarter (Q2) GDP estimate has raised the hopes of a faster recovery in the second half of the current fiscal (H2FY21). On 27 November 2020, the Ministry of Statistics and Programme Implementation (MOSPI) released Q2FY21 GDP data, wherein the contraction in the economy was estimated at a much lower 7.5%, compared with the 23.9% contraction in Q1FY21. With this, the contraction in H1FY21 stands at 15.7%.

YES Bank share falls 4% after four sessions

After 4 days of straight gains, YES Bank share price fell over 4% in Friday's session over profit booking. YES Bank shares opened at Rs 20.74 and rose to Rs 20.83. Later, the stock erased early gains and fell 3.2% to hit the day's low of Rs 19.46 during the session. It closed at Rs 20.44 in the last session.

XPRO India receives revision in ratings outlook for bank facilities

XPRO India announced that the company has applied for one-time restructuring of existing bank loans under the Resolution Framework for COVID-19 Related Stress as per policy recently announced by Reserve Bank of India and therefore Brickwork Ratings India have revised rating outlook from 'Stable' to 'Credit Watch with developing implications' for its existing bank loan facilities.

Rising inflation, crude oil are a new worry for financial markets

Steadily rising inflation and the recent spurt in crude oil prices are a new worry for India's fiscal health and financial markets, say analysts. Although at current levels, international oil prices are unlikely to pose a major challenge to India's macro stability, the country would have to manage the inflation / fiscal deficit trade-off as oil prices climb, they believe.

RBI ensures benign rate of interest, ample liquidity to support growth amid high inflation: Experts

The RBI's decision to keep the key policy rate unchanged ensures a lower interest rate regime and availability of liquidity to support growth under the current economic situation, even as high inflation remains a risk, financial market experts said. The RBI’s decision to keep the key policy rate unchanged ensures a lower interest rate regime and availability of liquidity to support growth under the current economic situation, even as high inflation remains a risk, financial market experts said on Friday.

Risk based supervision for NBFCs, stronger risk and governance framework from NBFCs is a welcome move

GDP estimate of -7.5% for FY21 is close to Brickwork Ratings estimate of -7% and shows a sharp recovery from the doom- like-scenario of Q1; however, the elevated inflation projections for H2 FY21 and H1 FY22 imply that the space for any further monetary support is now dismal. Maintaining an accommodative stance under this elevated inflation environment is a risk, but augurs well for the bond market that had started showing signs of tightening especially for NBFCs.

RBI's FY21 GDP estimates more optimistic than others

The Reserve Bank of India (RBI)'s policy announcement turned out to be a damp squib with a status quo on rates but its economic growth projections provided the required solace. The central bank expects the Indian economy to contract 7.5 per cent in FY21 compared to an earlier assessment of 9.5 per cent contraction. RBI seemed quite sanguine about the economic revival compared to the forecasts of many other leading agencies for the current fiscal.

RBI ensures benign rate of interest, ample liquidity to support growth: Experts

The RBI's decision to keep the key policy rate unchanged ensures a lower interest rate regime and availability of liquidity to support growth under the current economic situation, even as high inflation remains a risk, financial market experts said on Friday. The Reserve Bank of India (RBI) on Friday left interest rates unchanged for a third straight meeting as inflation stayed stubbornly high, and said the economy was recuperating fast and would return to positive growth in the current quarter itself.

RBI'S MPC starts deliberation on policy rate

The Monetary Policy Committee (MPC) of RBI began its three-day deliberation on Wednesday here amid expectations that the central bank will maintain status quo on the benchmark lending rates in view of high retail inflation. The RBI will announce its monetary policy review on December 4

Steel import duty hike wins support

Mismatch in demand and supply because of a failure to start operation of 14 mines in Odisha which were auctioned in February. A China-induced spike in iron ore prices has disrupted the steel sector, a situation made worse by the parity in the import and domestic price of steel that will necessitate a hike in import duties to protect the industry, analysts said

Economists upgrade GDP forecasts after Q2 surprise

Independent economists and experts have bumped up their gross domestic product (GDP) estimates for the year ending March following lower-than-expected contraction in the September quarter. The decline in FY21 GDP is expected to be less than the double-digit shrinkage forecast earlier.

Green shoots in our economy: Are they real and sustainable?

After seven months of severe stress triggered by a severe lockdown, there is some good news on the Indian economy. A bountiful monsoon has brought cheer to farmers, with a record output expected in the kharif crop season. With reservoirs filled to the brim, output is expected to be bountiful in the rabi season as well.

Steel demand likely to fall 12% this year

Hit by stringent Covid-induced lockdown, steel demand in this year is expected to fall by a record 10percent to 12percent despite early sings of greenshoots across consuming sectors. The fall in demand will also hit margins and put presure on liquidity management in this fiscal year, according to a Brickwork Ratings report. However, it said the steel markethas started showing sluggish signs of recovery with demand revival in the rural economy and automobile sector aling with increased levels of semi-finished goods exports in the last few months.

Movers & Shakers | 10 stocks that moved the most last week

Broader markets gained momentum as well with the Nifty Midcap index rising 2.7 percent and Smallcap adding 3 percent during the week.Nifty gained 0.9 percent during the week which ended on November 27 and formed a Doji pattern on the weekly scale as closing was near the opening level. Experts say directionless trade may continue till the index decisively closes above its intraday record high of 13,145. Here are 10 stocks that were in action this week

RBI likely to maintain status quo for 3rd straight time on inflation concerns

The Reserve Bank is likely to keep the benchmark interest rates unchanged in its next monetary policy review in view of heightened retail inflation which has persistently remained above its comfort level, feel experts. However, with the economic growth continuing to remain in the negative territory for the second consecutive quarter ending September, the central bank is likely to continue with the accommodative monetary stance keeping the hope alive for a rate cut as and when needed.

Domestic steel demand seen down by 10-12% in FY21

India’s steel demand is expected to decline 10-12 per cent in FY21 as the coronavirus pandemic and the subsequent lockdown have negatively impacted the already weak consumption pattern influenced by recessionary conditions for steel in the country, Brickwork Ratings said in its report today. Many small and medium companies shut operations in Q1FY21, and big players curtailed their production due to difficulties in logistics with respect to the availability of raw materials and distribution of finished products.

HC rejects plea to stay merger of LVB with DBS

The Bombay high court on Thursday, in an interim order, rejected a plea for a stay sought by shareholders of Lakshmi Vilas Bank (LVB) on its merger with DBS Bank India. Even as shareholders filed petitions in Chennai and Mumbai seeking to stay the merger, the Reserve Bank of India (RBI) directed the administrator of the bank to write off Rs 318 crore worth of tier-2 bonds.

Economy will contract in current fiscal due to Covid-19

Experts on Tuesday said that owing to the ongoing coronavirus pandemic, the economy will contract during the current fiscal and positive growth is expected in the next financial year Speaking at a CII webinar, Rajat Bahl, the chief ratings officer of Brickwork Ratings, said that there will be contraction of the economy this fiscal and bank credit growth will also be muted

Auto components sector revenues to see 15-18% dip in FY21

After a complete washout in April 2020 and minuscule sales in May 2020 due to the lockdown in the country, BWR expects auto components players will be affected adversely in Q1FY21, and to some extent, in Q2FY21.

Container Corporation Of India receives credit ratings from Brickwork Ratings India

Container Corporation Of India announced that Brickwork Ratings India has assigned following credit rating(s) to the company - Term debt (fund based -long term Rs 9000 crore) - BWR AA+ Rating under Watch with Developing Implications WC demand loan (fund based -short term Rs 1500 crore) - BWR A1+.

Fiscal deficit to touch 7% in FY21, says Brickwork Ratings, as revenue collection hit by lockdown

India's fiscal deficit is expected to touch 7 per cent of GDP in 2020-21 fiscal as against budget estimate of 3.5 per cent, with revenue collections being hit amid disruptions in economic activities due to lockdowns, according to Brickwork Ratings. "The impact of the lockdown on economic activity shows up starkly in the trends in the central government revenue collection during the first three months of fiscal 2020-21," the agency said in a report.

Clear and present danger: Economy facing rising risk of stagflation

The economic trend of stagflation is marked by rising inflation and falling GDP growth India's economy which is already reeling under immense turbulence unleashed by the Covid-19 pandemic, now faces an ever increasing risk of stagflation, experts opined. The economic trend of stagflation is marked by rising inflation and falling GDP growth.

RBI’s announcement on 90% LTV on gold loans.

The Reserve Bank of India (RBI), as part of its monetary policy announcements today, has allowed banks to increase the permissible loan to value (LTV) ratio for loans to borrowers, against the pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent for all incremental lending up to 31 March 2021.

Franklin Templeton MF schemes see dip after Future group firms default

Four debt schemes of Franklin Templeton Mutual Fund (MF) that are winding up saw up to 4.85 per cent decline in their net asset value (NAV) on Friday, following payment defaults by two Future Group firms — Nufutre Digital (NDIL) and Future Ideas (FCIL). Of the six schemes that are under wind-up, four are exposed to NDIL, FCIL, and Rivaaz Trade Ventures (RTVPL). While the latter was able to meet its dues on Thursday, the other two missed their payment obligations.

Monetary Policy: Will RBI try to rein in inflation or boost growth?

As they meet from August 4-6 to take a call on policy rates, the six members of the RBI’s Monetary Policy Committee (MPC) will be torn between the need to rein in rising retail inflation and prioritise growth, which is sliding amid the pandemic. Experts are divided on whether the RBI should pause for now and cut the repo rate rate closer to the busy season (beginning October) or front-load a rate cut now and pause later.

Franklin Templeton MF schemes see dip after Future group firms default

Four debt schemes of Franklin Templeton Mutual Fund (MF) that are winding up saw up to 4.85 per cent decline in their net asset value (NAV) on Friday, following payment defaults by two Future Group firms — Nufutre Digital (NDIL) and Future Ideas (FCIL). Of the six schemes that are under wind-up, four are exposed to NDIL, FCIL, and Rivaaz Trade Ventures (RTVPL). While the latter was able to meet its dues on Thursday, the other two missed their payment obligations.

Overseas borrowings in Q1 FY21 tumble to 11-quarter low of $3.51 bn

Borrowings have fallen off the cliff because companies don’t have any investment plans due to future uncertainties. Overseas borrowings of India Inc plunged to an 11-quarter low to $3.51 billion during the first quarter of the current fiscal as the pandemic-led lockdown brought both economic and lending activities to a virtual standstill for nearly two months. The overseas borrowings of Indian corporates for the same quarter last year stood at $12.04 billion, while borrowings during Q4 FY20 touched a peak of $18.97 billion.

Over Rs,3L cr dues, IBC changes add to MEMEs’ liquidity woes

RECENT CHANGES in the Insolvency and Bankruptcy code(IBC), raising the threshold for invoking insolvency to crore from 1 lakh, are among the reasons MSMEs are finding it difficult to recover their dues from large corporates. Even as government departments have started clearing up dues of MEMEs with the Finance Ministry stressing timely clearance of funds, many micro and small firms are stuck with pending payments of more than 3 lakh crore with large firms with no easy legal recourse

Credit on Tap, but Big Cos Hold Back Rs.3.3L-cr Dues to MSMEs

Micro, small and medium enterprises (MSMEs) continue to oface stretched liquidity cycles despite easing of credit from the banking system as large corporates with stronger liquidity banking have held up nearly Rs3.3 lakh crore payable to MSMEs, a new study has revealed. This is largely due to the low bargaining power that small businesses have with large corporates to have payments released for materials supplied or services provided, according to the study by Brickwork Ratings

Rs 16.9 to Rs 1,500 Ruchi Soya shares on dream run since relisting

Mumbai, June 28 (IANS) FMCG major Ruchi Soya Industries, which went through an insolvency resolution process and acquired by Patanjali Ayurved, has seen a dream run in the stock market since its relisting in January. Shares of the company have surged a whopping 8,800 per cent in the past five months. On January 27, the day it was relisted it closed at Rs 16.90 and on Friday it closed at its all-time high of Rs 1,507.30 a scrip.

Small businesses shy away from extra credit despite easy availability

MUMBAISmall businesses mainly belonging to Micro Small and Medium Enterprises ( MSME) sector in India are not availing fresh loans, despite being given extra credit lines through enhanced borrowing limits as part of the government's push to infuse up to Rs3 trillion liquidity into small businesses. Bankers who spoke to Mint said that uncertain demand remains the key reason, why these businesses remain reluctant to take fresh loans, notwithstanding the availability.

Bengal small units oppose ban brigade

Small traders in Bengal are unsure of the immediate effectiveness of CAIT'S call to boycott goods imported from China. CAIT has identified more than 3,000 products that are already manufactured in India. Traders in Bengal, however, are saying that instead of looking to substitute imports, the focus should be on streamlining GST and giving the small-scale industry access to credit to build up capacity for domestic production which cannot happen within a short time frame.

Large corporates with strong liquidity hold up Rs 3.3 lakh crore of payables to MSMEs

Liquidity challenges faced by medium, small and micro enterprises (MSMEs) in the past two years aggravated further in the first quarter of fiscal 2020 due to the Covid-19 impact on the Indian economy. The liquidity crunch being faced by MSMEs is on account of two key issues, including the lack of a funding line from the banking system and stretched working capital because of low bargaining power with large corporates to have payments released for materials supplied or services provided. BWR study reveals that close to Rs.3.3 lakh crore of MSME funds are stuck with strong large corporates in the form of receivables.

Large corporations hold back Rs 3.3 lakh crore payment to MSMEs

Micro, small and medium enterprises continue to face stretched liquidity cycles despite easing of credit from the banking system as large corporates with stronger liquidity backing have held up nearly Rs 3.3 lakh crore payable to MSMEs, a new study has revealed

‘3.3 Lakh crore MSME funds stuck’

Close to 3.3 Lakh crore of the MSME funds are stuck with strong large corporates in the form of receivables, Brickwork Ratings said in a study. This was because of their low bargaining power with large corporates to have payment released for materials supplied or services provided, according to the study.

IFCI receives ratings action from Brickwork Ratings

IFCI has received reaffirmation in credit ratings from Brickwork Ratings and has been assigned fresh rating for the Long-term Bond / NCD Programme as follows - Long Term Debt Instrument NCD - BWR BBB+/ Negative (Re-affirmed rating) Secured NCD - BWR A+(CE)/ Negative (Re-affirmed rating) Commercial Paper - BWR A2+ (Re-affirmed rating) Proposed NCD - BWR BBB+/ Negative (Fresh rating)

Large corporates holding up receivables

Close to ₹3.3 lakh crore of MSME funds are stuck with strong large corporates in the form of receivables, Brickwork Ratings said in a study. This was because of their low bargaining power with large corporates to have payment released for materials supplied or services provided, according to the study.

Return on credit higher than return on banks surplus funds deployed with RBI

The one-year return on credit that banks can earn by lending to corporates is high at about 8 per cent vis-à-vis the return of 3.35 per cent they will earn by parking their excess funds with the Reserve Bank of India (RBI), according to an analysis of return on funds deployed by banks by Brickwork Ratings (BWR). The additional profit that banks would have earned had they given loans instead of deploying...

Sebi eases 90-day curing period norm for defaulting firms post-downgrade

The Securities and Exchange Board of India (Sebi) has relaxed the 90-day required curing period following a default rating, as such cases are likely to rise in the wake of the Covid-19 pandemic...

Rating companies need not wait for timelines to upgrade

Mumbai: The Securities and Exchange Board of India (Sebi) has eased the norms for credit rating agencies to review the rating of companies...

Brickwork ratings reaffirms NCD rating of Ashiana Housing Ltd

Brickwork ratings has re-affirmed ratings for NCD of Rs. 17 Crore at BWR A+ (SO) pronounced BWR A+; Outlook Stable. Brickwork Ratings had initially rated the proposed NCD Issue for Rs. 100 Crores. The company raised NCDs only for Rs. 50 Crores, of which, two tranches of Rs. 10 Crores each have been redeemed as on 31 March 2017 and 31 March 2018, respectively...

Overseas borrowing to the rescue of cash-strapped non-banking entities

Securitisation, masala bonds and dollar bonds are the other sources of borrowing When one door shuts, another opens. This could not be more appropriate for India’s non-banking finance sector. But in this case, when one source of funding is shutting down, it’s not just one but many other sources have opened up.

As India becomes fifth largest economy, here's how real is real growth

A US-based report has shown that India’s economy has become the fifth-largest economy of the world, but how much would it contribute to Prime Minister Narendra Modi’s USD 5 trillion economy dream? As India may find a reason to cheer about the new height of the country’s GDP, the prolonged slowdown in the country is still a concern. India share in world GDP has been rising as it has been growing faster than the global GDP.

Budget sets better economic prospects: Brickwork Ratings

The Budget proposals, along with RBI''s liquidity boosting measures and coupled with previously announced measures, are expected to bring the domestic economy on an improved growth path in fiscal 2020, Brickwork Ratings said on Tuesday.

NBFC players say budget offers some hope, finally

The non-banking finance sector, which has been down in the dumps since September 2018, has heaved a sigh of relief with the Union Budget offering a slew of measures to boost their liquidity and asset recovery.

02 February 2020    : BussinessStandard   , FinancialExpress   , MoneyControl

Citi Cuts YES Bank target price to Rs 46 from Rs 50

Brickwork Ratings downgraded the ratings of YES Bank’s lower tier II bonds, from ‘BWR AA-’ to ‘BWR A’, and of upper tier II bonds, hybrid tier I bonds and innovative perpetual debt instruments from ‘BWR A+’ to ‘BWR A-’. Global brokerage Citi has cut YES BankNSE -1.46 %’s target price to Rs 46 from Rs 50 earlier. The broking firm also slashed the FY20 and FY21 profit estimate for the lender by 4-5 per cent.

Credit rating for Yes Bank shaved ahead of $2 billion capital-raising

Brickwork Ratings has downgraded the rating of Yes Bank's various long-term bond issues worth Rs 1,330 crore as India's fourth-largest private sector lender grapples with the overhang of stressed assets. The rating downgrade necessarily factors in the bank's higher levels of slippages to non-performing assets (NPAs) in Q1 (Rs 6,230 crore) and Q2 (Rs 5,950 crore) of FY20.

Brickwork Ratings expects more special Open Market Operations by Reserve Bank of India

Brickwork Ratings on Friday said it expects more special Open Market Operations (OMOs) by the Reserve Bank of India (RBI) aimed at lowering yields on long term bonds. The OMO are similar to the US Federal Reserve's "operational twist" -- swapping short-term treasury securities for long term government debts -- conducted in 2011-12. The RBI had announced that it will simultaneously buy and sell government bonds worth Rs 10,000 crore each on December 23 through OMOs.

Brickwork expects more special open market operations by RBI

Brickwork Ratings on Friday said it expects more special Open Market Operations (OMOs) by the Reserve Bank of India (RBI) aimed at lowering yields on long term bonds. The OMO are similar to the US Federal Reserve’s “operational twist” — swapping short-term treasury securities for long term government debts — conducted in 2011-12. The RBI had announced that it will simultaneously buy and sell government bonds worth Rs 10,000 crore each on December 23 through OMOs.

Zee Entertainment slips on credit rating downgrade

Brickwork Ratings India downgraded Zee Entertainment Enterprises' (ZEEL) 6% cumulative redeemable non-convertible preference shares with outstanding Rs 1,210.16 crore to 'BWR AA (credit watch with negative implications) from 'BWR AA+' (credit watch with negative implications).

Brickwork Ratings lowers outlook for Future Retail's proposed NCDs to negative

Future Retail on December 13 said Brickwork Ratings India has reaffirmed rating for the company's proposed non-convertible debentures (NCDs) issue with a change in outlook to negative from stable. The rating agency has also reaffirmed rating for the company's proposed commercial paper (CP) at BWR A1+.

Cabinet amends Partial Credit Guarantee Scheme

The Union Cabinet on Wednesday announced changes to the Partial Credit Guarantee Scheme for non-banking financial companies & housing finance companies. Under the new changes, banks can purchase high rated pooled assets from NBFCs & HFCs. The overall guarantee should be limited to first loss of up to 10% of assets or Rs. 100 billion, whichever is lower.

Vodafone Idea shares fall more than 5 percent in the downgrade in non-convertible bonds

Vodafone Idea shares fell 5.56 percent to Rs 7.31 each in the BSE. The stock touched a minimum of Rs 7.01, 9.43 percent less than the previous close. On the National Stock Exchange (NSE), the stock fell 5.81 percent to Rs 7.30 per unit. It reached a minimum of Rs 7, a loss of 9.67 percent.

Debt ETF an opportunity for retail investors to invest in quality PSU bonds: Experts

The government's decision to launch an umbrella debt exchange-traded fund will provide a better opportunity to retail investors for participation in quality public sector bonds at an affordable cost, experts said on Wednesday.

Airtel, Vodafone Idea fall for second day; here’s what experts say

NEW DELHI: Telecom firms Bharti Airtel and Vodafone Idea extended their losses for the second straight session on Friday. The recent relief by the government on Wednesday failed to lift sentiment. The Cabinet on Wednesday cleared a two-year moratorium on spectrum payments, which will give immediate relief of more than Rs 42,000 crore to mobile phone companies.

Retail inflation hits 16-month high: Experts say RBI rate cut still very much likely

Retail inflation breached the central bank's medium-term target of 4% in October for the first time in 15 months, on the back of higher food prices, Reuters reported.Annual retail inflation rose to 4.62% last month, up from 3.99% in the prior month and higher than the 4.25% forecast in a Reuters poll of analysts.

Deep in red: Sept industrial output shrinks 4.3%

New Delhi, Nov 11 (IANS) Contraction in manufacturing and mining activity and subdued demand dragged India''s September factory output deep into the red. The Index of Industrial Production (IIP) declined (-)4.3 per cent in September from (-)1.40 per cent in August 2019.

13 November 2019    : Outlook,   The Logical Indian

Brickwork ratings downgrades Vodafone Idea NCD

Brickwork Ratings has downgraded the firm's rating on non-convertible debentures (NCDs) citing recent court ruling on adjusted gross revenue and extension of timeline with regard to the sale of stake in Indus Tower to Bharti Infratel.

Patanjali Food Park downgraded over delays

Mumbai: Patanjali Food & Herbal Park Nagpur has been downgraded by Brickwork Ratings after delays in implementation of its Nagpur project. The delays, which continue to persist due to part disbursal of term loans by its existing lender, are compelling the company to seek other sources of project funding.

Assets under management of MFIs to grow 40-45% in FY20: Report

Microfinance Institutions (MFIs), which provide financial services to the low-income population, are expected to record healthy growth for the second year in a row in FY20, despite challenging conditions in the NBFC sector.

Brickwork Ratings assigns credit ratings to Vikas EcoTech Ltd

Vikas EcoTech Ltd has been assigned 'BWR BBB' stable outlook rating for servicing of long term fund based credit facilities and 'BWR A3+' rating for servicing of short term non-fund based credit facilities from Brickwork Ratings India Private Limited implying moderate degree of safety regarding timely servicing of its financial obligations.

India Inc increasingly looks abroad for funds

Amid bank credit squeeze back home, ECBs for working capital rise 10-fold in April-August period. A sharp fall in bank credit flow to the commercial sector, and the consequent increase in interest rates, are driving India Inc overseas in a big way. External Commercial Borrowings (ECBs) by Indian companies to meet their working capital needs saw a 10-fold jump in the first five months of the current fiscal (2019-20).

Brickwork Ratings reaffirms credit ratings of Surana Solar Limited

Brickwork Ratings India Pvt Ltd, a Credit Rating Agency, has reaffirmed the rating of Surana Solar Limited's loan facilities amounting to Rs. 26.50 Crores (Rupees Twenty Six Crores Fifty Lakhs Only). The fund based bank facility rating has been reaffirmed as BWR BBB- (Prounounced as BWR Triple B Minus) (Outlook: Negative).

Edelweiss Financial rises 5% after Brickwork revises rating for NCDs

Shares of Edelweiss Financial Services added 5 percent intraday on September 23 after Brickwork rating revised its rating of the company's NCDs.Brickwork Ratings has revised the credit rating assigned to the secured non-convertible debenture programme of Rs 50 crore from BWR AA + to BWR AA, retaining the negative outlook.

Reliance Home Finance gets ratings downgrade from Brickwork

Reliance Home Finance announced that Brickwork Ratings (Brickwork) has downgraded the rating to D for Company's long-term debt programme, MLDs, subordinated debt, NCDs public issue, upper Tier-II NCDs and short-term debt programme.

Allow buyback of NCDs from retail investors, Srei Infra tells RBI, SEBI

Steps taken by the Government of India and Reserve Bank of India to instil consumer confidence and boost the banking system are in the right direction for the revival of credit cycle in the economy. However, concerns still remain on growth of the economy given the large NPA levels in the banking system and the risk averseness to lend to certain sectors.

Reliance Capital downgraded to BWR BB by Brickwork Ratings; outlook revised to negative

The Company has also announced its plans to monetise 49% stake in Reliance General Insurance Company Limited (which is presently 100% owned), and the DRHP has recently been filed with SEBI.

Recent Measures taken by Government and RBI is in the right direction to alleviate stress in the economy; concerns on growth still remain

Steps taken by the Government of India and Reserve Bank of India to instil consumer confidence and boost the banking system are in the right direction for the revival of credit cycle in the economy. However, concerns still remain on growth of the economy given the large NPA levels in the banking system and the risk averseness to lend to certain sectors.

Brickwork Ratings revises ratings of BGR Energy Systems Ltd

Brickwork Ratings India Pvt Ltd., in their Annual review has revised the ratings of the Bank loan facilities of BGR Energy Systems Ltd.

Brickwork Ratings welcomes easing requirement for FPIs, says more steps may be needed

Credit rating agency Brickwork welcomed the recent relaxation of requirements for FPIs but said it needs to be watched if that will raise foreign investments in the country as these are primarily driven by interest rates differential among various countries.

Chennai-based media company Vision Time India’s FY19 rev is Rs. 119.55 cr.

Chennai-based media company Vision Time India’s revenue for FY19 is Rs. 119.55 crore on a provisional basis.The operating revenue of the company was Rs. 113.26 crore in FY18 as compared to Rs. 123.83 crore in FY17. The net profit was Rs 3.38 crore in FY18 and Rs 5.77 crore in FY17.

Cox & Kings hits lower circuit for 2nd straight day, tanks 57% in a month.

Brickwork Ratings downgraded the credit rating of NCD issue which highlighted delays in debt reduction and an increase in receivables. Shares of Cox & Kings were locked in lower circuit for the second straight day, down 10 per cent at Rs 40 after Brickwork Ratings downgraded credit rating of the company's non convertible debenture issue which highlighted delays in debt reduction and increase in receivables.

Parsvnath Developers Ltd. - Re-Affirmation Of Brickwork Rating For The Ncds Of Parsvnath Rail Land Project Private Limited, A Subsidiary Company Of The Company.

In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that Brickwork Ratings India Pvt. Ltd. (Brickwork) has re-affirmed the rating BWR B with change in outlook to Credit Watch with Developing Implications, assigned to Rs.360 Crores Secured Non-Convertible Debentures (Series A)...

RBI Addresses medium term viability for NBFCs; Short term concerns still remain.

Brickwork Ratings, Mumbai: The Reserve Bank of India (RBI) on May 24, 2019 through a draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies (NBFC) and Core Investment Companies (CIC)” has tried to address the liquidity concerns faced by NBFCs in the recent past. Though the draft addresses the viability concerns in the medium term, concerns relating to liquidity, profitability continues to be unaddressed for the short term.

Idfc First Bank Ltd - Announcement under Regulation 30 (LODR)-Credit Rating

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we are pleased to inform you that Brickwork Ratings (BWR) has assigned Credit Ratings to the Non-Convertible Debentures and bank loan facilities of IDFC FIRST Bank Limited (transferred from Capital First Limited and Capital First Home Finance Limited on account of Amalgamation).

RBI Addresses medium term viability for NBFCs; Short term concerns still remain.

Brickwork Ratings, Mumbai: The Reserve Bank of India (RBI) on May 24, 2019 through a draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies (NBFC) and Core Investment Companies (CIC)” has tried to address the liquidity concerns faced by NBFCs in the recent past. Though the draft addresses the viability concerns in the medium term, concerns relating to liquidity, profitability continues to be unaddressed for the short term.

Anil Ambani group stocks tumble after Brickwork Ratings, CARE rating downgrade Reliance Capital

Shares of Anil Ambani-group firm stocks tumbled in trade on Monday after credit rating firms CARE ratings, Brickwork Ratings revised the long-term rating for various existing debt instruments of Reliance Capital.

Brickwork revises credit ratings of Reliance Capital

Reliance Capital announced that Brickwork Ratings (Brickwork) has revised rating to A+ (credit watch with negative implications) for long-term debt program, market linked debentures and subordinated debt of the Company.

Reliance Home Finance gets revision in credit ratings

Reliance Home Finance announced that Brickwork Ratings has revised rating to A+ (credit watch with negative implications) for the company's long term debt programme, market linked debentures, subordinated debt and non convertible debentures public issue and to A (credit watch with negative implications) for upper tier II NCDs, inter-alia, due to revision of rating of the parent company, Reliance Capital.

Corporation Bank gets ratings reaffirmation in credit ratings from Brickwork Ratings

Corporation Bank announced that Brickwork Ratings India has reviewed the credit ratings of the Bank's Debt Instrument as below - Upper Tier II Bonds (Rs 500 crore) - BWR AA-; Stable (Reaffirmed)

Brickwork Ratings India Pvt Ltd upgrades rating of Aanchal Ispat Limited

Brickwork Ratings India Pvt. Ltd, the Credit Rating of Aanchal Ispat Limited has been upgraded to BWR BBB- (pronounced as BWR Triple B Minus) for Fund based facilities and for Non-fund based facilities, the ratings has been upgraded to BWR A3 (Pronounced as BWR A Three). The said upgradation in rating is based on the operational and financial performance of the company by the Rating Committee of Brickwork Ratings India Pvt. Ltd.

Brickwork upgrades Filatex India’s rating to A-

The ratings upgrade will enable the Company to reduce cost of debt in both short term and long term debt

How VG Siddhartha Is Freeing Up Pledged Mindtree Shares

Fundraising through private sales of corporate bonds in February fell 32% from the previous month because most issuers postponed their offerings in anticipation of further fall in yields.

TREND: Fundraising through corporate bonds falls 32% on month in Feb

Fundraising through private sales of corporate bonds in February fell 32% from the previous month because most issuers postponed their offerings in anticipation of further fall in yields.

A Crucial Source of Funding for Indian Founders Is Drying Up

India’s business titans are facing a worrying new development: in recent weeks, shadow lenders have been cutting them off from a key financing channel.

TIMELINE-India's Dewan Housing Finance Corp's recent woes

Indian home loan provider Dewan Housing Finance Corp Ltd (DHFL) has been beset by problems for over five months now amid wider sectoral worries, which were further exacerbated by a media report alleging financial mismanagement.

Lakshmi Vilas Bank soars 18% on fund raising plan

The stock moved higher by 18 per cent to Rs 84.05 on the BSE on Wednesday ahead of board meeting on Friday, March 8 to consider fund raising plans.

Lakshmi Vilas Bank rebounds 3% after falling 1% on rating downgrade

Lakshmi Vilas Bank shares rebounded nearly 3 percent intraday after falling over a percent since the opening trade Tuesday on rating downgrade by Brickwork.

Amity International School Noida emerges as winner of NSE KWHS Investment Competition 2019

Amity International School Noida has emerged out to be the winner of NSE KWHS Investment Competition Region 2 Finale which held at NSE Headquarters in Mumbai on Saturday, February 23, 2019.

Brickwork Ratings lowers rating of Reliance Capital

Lenders said that Reliance Group failed to make timely payments leading to sale of pledged shares...

Bharat Wire Ropes Ltd - Announcement under Regulation 30 (LODR)-Credit Rating

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received credit rating of BWR D for Fund Based Rs. 422.16 Crore and credit rating of BWR D for Non-Fund Based Rs. 95.00 Crore from Brickwork Ratings India Pvt. Ltd.

Transforming India Inc - It's time to expand scope of landmark - Realty Act

While RERA protects the interests of home buyers, the Act should be broadened to benefit the industry as a whole

Rating agencies downgrade various loan facilities of DHFL

Rating agencies have downgraded various loan facilities of DHFL, which is facing allegations of a Rs 31,000-crore loan diversion.

VIPUL LTD. - Announcement under Regulation 30 (LODR)-Credit Rating

M/s Brickwork Ratings Private Limited (BWR), upon the request of the Company, has assigned the ratings for the Bank Loan facilities to the tune of Rs. 395.67 Cr. of the Company

Corporation Bank gets revision in credit ratings from Brickwork Ratings

Corporation Bank announced that Brickwork Ratings India has reviewed the credit ratings of the Bank's debt instrument as below - Proposed fresh issue of Basel III Tier II Bonds (Rs 1000 crore) - BWR AA; Negative (Assigned), Upper Tier II Bonds (Rs 500 crore) - BWR AA-; Negative (Reaffirmed), Innovative Perpetual Debt Instrument (Rs 300 crore) - BWR AA-; Negative (Reaffirmed), Basel III Tier II Bonds (Rs 500 crore) - BWR AA; Negative (Reaffirmed), Basel III Tier II Bonds (Rs 200 crore) - Withdrawal of rating due to not raising the amount.

Surana Solar gets revision in credit ratings

urana Solar announced that Brickwork Ratings has revised the credit ratings for various facilities as under-Long term fund based facilities - BWR BBB-; Negative (Ratings reaffirmed & outlook revised from Stable), Short term non fund based facilities - BWR A3 (Reaffirmed)

Punjab National Bank gets reaffirmation in credit ratings

Punjab National Bank announced that Brickwork Rating has reaffirmed the ratings for its bonds and remove the rating placed under 'credit watch with developing implications' assigning outlook as 'Negative' as detailed below -Innovative Perpetual Debt Instruments (Rs 700 crore) - BWR AA+/Negative (Revised from BWR AA+/Credit watch with negative implications), BASEL III Compliant Perpetual Tier I Bonds (Rs 5250 crore) - BWR AA/Negative (Revised from BWR AA/ Credit watch with negative implications).

Electrosteel Castings Ltd. - Announcement under Regulation 30 (LODR)-Credit Rating

Pursuant to Regulation 30 read with Schedule III and other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements)...

XPRO India gets upgradation in credit ratings

XPRO India announced that Brickwork Ratings India has assigned (upgraded) the following ratings to the Company's Bank loan facilities- Long term fund based limits (Rs 182.42 crore) - BWR BBB-; Stable (Upgraded), Short term non fund based limits (Rs 37 crore) - BWR A3 .

Abu Issa Holding Group CFO Hatim Hussain gets 'Best CFO' award

Abu Issa Holding Group CFO Hatim Hussain has been given the ‘Best CFO' award at the ‘1st International Leaders Awards' held by the committee of members in Industry & Business Institute of Chartered Accountants of India recently.

Welspun Enterprises Ltd - Announcement under Regulation 30 (LODR)-Credit Rating

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular ref. CIR/CFD/CMD/4/2015 dated September 09, 2015 and the Companys Code of Practices and Procedure for Fair Disclosure of Unpublished Price Sensitive Information, kindly note that the Company has received long term credit rating of BWR AA (SO) from Brickwork Ratings India Private Limited.

Avantha set to sell Solaris to Agrocel for Rs 800 crore

Avantha Group is set to sell its agro chemicals unit, Solaris ChemTech to Agrocel Industries for about Rs 800 crore as the Gautam Thapar-controlled firm is selling its non-core businesses to repay some outstanding debt.

"Landmark reforms will entail living in a new regime"

Satish Nair, Director, Brickworks, mulls the future of the sector in light of reforms and technological advance.

Present Challenges Being Faced by Non-Banking and Housing Finance Companies- A note by Brickwork Ratings

Brickwork Ratings (BWR) has taken note of the current liquidity issues being faced by many companies in the NBFC/HFC sector. BWR has a significant portfolio of players in these segments and is interacting with them on a regular basis to understand the position of each company, as also the position of the sector.

How Supertech triggered Round II of NBFC selloff? Is there more to it?

It all re-started with the downgrading of a Rs 1,866 crore loan facility of realty developer Supertech by rating firm Brickwork, amid reports that the builder defaulted on loans to Corporation Bank and Syndicate Bank. The realtor says it has not defaulted on any of its loans.

Brickwork Ratings downgrades ITNL debt obligations to default

Brickwork Ratings has downgraded the rating of the non-convertible debentures (NCDs) of IL&FS Transportation Networks Limited (ITNL), a road arm of IL&FS group, amounting to Rs 3,550 crore to default rating.

Brickwork Ratings downgrades IL&FS Maritime Infra Company's bank loans

Brickwork Ratings has revised the rating for IL&FS Maritime Infrastructure Company Limited's bank loan facilities worth Rs 5.29 billion to BWR C (very high risk of default in timely service of obligation) from BWR BB (BWR double B, indicating moderate risk of default).

Maximum domestic salary of IIM-Ahmedabad grads rose by 36%

The figures were released in the placement report audited by Brickwork Ratings on Thursday. It covered Summer and final placements of PGP, PGP-FABM (Food and Agri-Business Management) courses along with PGPX (executive) final placements.

Aadhar Housing Finance Limited NCD Issue to open on September 14, 2018 with Attractive interest rate of up to 9.75% per annum

Aadhar Housing Finance Limited (the “Company”), a deposit taking housing finance company registered with the NHB and focused on providing affordable housing financing products for the EWS and LIG segment in India, in tier 2 to tier 4 cities and towns, proposes to open public issue of Secured Redeemable Non-Convertible Debentures (“NCDs”) of face value of Rs. 1,000 on September 14, 2018, 1,40,00,000 for an amount of Rs. 50,000 lakhs (“Base Issue Size”) with an option to retain oversubscription up to Rs. 90,000 lakhs aggregating up to Rs. 1,40,000 lakhs (“Tranche 1 Issue Limit”) (“Tranche 1 Issue”).

Kwality continues on its downward spiral

The ratings firm Brickwork Ratings has downgraded dairy major Kwality’s long-term and short term rating of bank loan facilities to D from triple B minus on Thursday.

Kallam Textiles gets upgradation in credit ratings

Kallam Textiles announced that Brickwork Ratings (BWR) has upgraded the Company's ratings as under...

RInfra's credit profile improves

Reliance Infrastructure's credit profile has improved with debt liability payoffs.

05 Sep 2018    : The Economic Times   BusinessStandard

Agencies begin relook at Reliance Infra ratings on debt reduction measures

Within weeks of facing multiple downgrades, Reliance Infra has begun to see positive rating actions by agencies, with one of them having already withdrawn its 'default' rating following interest payments and final redemption of certain debentures

Lenders to replace Lanco Devihalli as operator of NH-48 in Karnataka

Lenders led by State Bank of India (SBI) have invited bids to replace Lanco Devihalli as the concessionaire of an 80-km stretch along NH-48 in Karnataka, according to sources. The special purpose vehicle (SPV) is the concessionaire of the operational build-operate-transfer (BOT) toll road project. The project’s outstanding debt as on March 31 was Rs 340 crore

Brahmaputra Infrastructure Ltd. - Announcement under Regulation 30 (LODR)-Credit Rating

Pursuant to the Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015, we wish to inform you that, CRISIL Ratings & Brickwork Ratings India Private Limited has assigned the ratings on our residual Debt.....

Jindal Worldwide Ltd. - Announcement under Regulation 30 (LODR)-Credit Rating

Disclosure under Schedule III Part A of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding Revision in Credit Rating by BRICKWORK RATINGS for Bank Credit Facilities of the Company amounting to Rs. 589.90 Crores.

Cox & Kings gets reaffirmation in credit ratings from CARE and Brickwork Ratings

Mumbai, Aug 16 (UNI) Cox & Kings Ltd said that Credit Analysis & Research Ltd (CARE) and Brickwork Ratings India Private Ltd, the Rating Agencies, have reaffirmed and enhanced the Commercial Paper issue carved out of sanctioned working capital limit of the Company from the existing Rs 1647 crores to Rs 1685 crores.

20 August 2018    : EquityBulls   BusinessStandard

Brickwork Ratings reaffirms credit rating of Archidply Industries Ltd

Brickwork Ratings India Pvt Limited has reaffirmed the credit rating to BBB (Outlook Stable) of the Bank Loan facilities of Archidply Industries Ltd.

Cube Highways in talks for India’s longest road tunnel

Mumbai: Infrastructure company Cube Highways has begun talks with IL&FS Transportation Networks Ltd (ITNL) to acquire the latter’s 9.2-km Chenani-Nashri road tunnel project in Jammu & Kashmir, two people aware of the development said. The tunnel on the Jammu-Srinagar highway links Chenani in Udhampur district with Nashri in Ramban district, reducing travel distance from 41km to 10.9km. It is the longest road tunnel in India, which was opened in April 2017.

IL&FS Transportation Networks gets revision in credit ratings

Brickwork Ratings has revised the ratings assigned as under -
Commercial Paper (Rs 1000 cr) -- BWR A4 (Revised from BWR A2+)
Non Convertible Debentures (Rs 3000 cr) -- BWR AA+(SO); Rating Watch Negative (Revised from BWR AA+(SO) / Stable)
Non Convertible Debentures (Rs 550 cr) -- BWR AA+(SO); Rating Watch Negative (Revised from AA+(SO)/ Stable)

Lakshmi Vilas Bank gets revision in ratings for Tier II Bonds

Lakshmi Vilas Bank announced that Brickwork Ratings India has revised the rating from 'BWR A -' (BWR A Minus) to 'BWR BBB+' (BWR Triple B Plus) for the Bank's Unsecured Redeemable Non-Convertible Subordinated Lower Tier II Bonds - Series VII (Option B), of Rs. 50.50 crore.

Brickwork Ratings has been adjudged as India’s 25 Best Financial Services Companies in 2018

An expert panel of CEO and Industrialists, alongwith the editorial board of CEO Insights magazine selected Brickwork Ratings as one of the 25 Best Financial Services Companies in India for 2018. The other companies selected were 5paisa.com, Aditya Birla Capital, Angel Broking, Ashika Group, Aviva Life Insurance Company, Axis Bank, Bajaj Finance, BASIX Sub, Diaz Invest, FinanzIndia, Hero Fincorp, ICICI Securities, IDBI Federal, IIFL, Karvy Finance, L&T Finance, LadCo Crest, Latin Manharlal Security, LSI Financial Services, Max Life Insurance, PNB Housing, Toyota Financial Services, UTI Mutual Fund and Yes Bank.

Axis Bank-led consortium puts Lanco hydel plant in Uttarakhand up for sale

A consortium of lenders led by Axis Bank has put on sale a 76-megawatt (MW) hydropower project — operated by Lanco Mandakini Hydro Energy — in Rudraprayag, Uttarakhand, according to sources.

Anil Ambani’s Reliance Big Entertainment widens FY17 net loss to Rs 553 crore

Anil Ambani’s Reliance Big Entertainment’s net loss for the fiscal ended 2017 has widened 25.39% to Rs 553 crore from Rs 441 crore in the previous fiscal. The company’s EBITDA loss for the fiscal has narrowed 76% to Rs 28.33 crore from Rs 117.13 crore. Revenue has fallen 22% to Rs 73.92 crore from Rs 94.4 crore.

Delhi Daredevils owner GMR Sports plans to raise Rs 550 cr via NCDs

GMR Sports, the owner of Indian Premier League (IPL) franchise Delhi Daredevils, is planning to raise Rs 550 crore via non-convertible debentures (NCDs). The funds raised will be utilised by the company for running the company’s operations and meeting any payments and expenses including any advance payments/expenses for the company’s operational and services contracts.

Brickwork reaffirms rating of Parsvnath Rail Land Project Private Limited

Brickwork has re-affirmed the rating "BWR B (Reaffirmation) (Credit Watch with Positive Implications) (Reaffirmation)", assigned to Rs.360 Crores Non-Convertible Debentures (Series A) and Rs.244.39 Crores Non-Convertible Debentures (Series B) of Parsvnath Rail Land Project Private Limited, a subsidiary company of Parsvnath Developers Limited