Media Releases

India's Residential Property Market Reached an All-Time High in FY23

According to the analyst at Brickwork Ratings, India's residential property market reached an all-time high in FY23, with home sales reaching Rs. 3.47 lakh crore ($42 billion), a 48% year-on-year increase and a 36% volume increase. The Indian real estate sector witnessed significant expansion with market size increasing from $120 billion in 2017 to $477 billion in 2022 and the market size is projected to reach $1 trillion by 2030 with an affordable housing scheme driving growth.

Brickwork Ratings (BWR) approved by RBI for Bank Risk-Weighting Claims

The Reserve Bank of India (RBI) has permitted banks to use the ratings of Brickwork Ratings India Private Limited (BWR) for risk-weighting their claims for capital adequacy purposes, according to a statement released by the RBI on July 10, 2024.

Brickwork Ratings Gets SEBI Nod to Resume Business Without Restrictions

Brickwork Ratings (BWR) is glad to announce the resumption of business and client onboarding following the order of the Securities and Exchange Board of India (SEBI) order dated March 26, 2024. The SEBI order from September 2023 had previously restricted BWR from onboarding new clients or accepting fresh mandates from existing clients until certain conditions were met, including strengthening the Board by inducting more independent directors with diverse skill sets and enhancing systems and processes. With full compliance achieved, SEBI has cleared BWR to resume normal business operations.

The Securities Appellate Tribunal Quashes SEBI’s Order to Cancel the Licence of Brickwork Ratings

The Hon’ble SAT has now, in its detailed order of 6 June 2023 permitted Brickwork Ratings to continue to operate as a Credit Rating Agency, unconditionally.

Sitharaman’s remark on the dollar is taken as an admission of the problem without actually accepting it

Finance Minister Nirmala Sitharaman’s defense of the rupiah’s 8% fall against the dollar this year by claiming the dollar has strengthened has drawn criticism from political circles, with memes created as netizens believe that the government has, for the first time, admitted to a problem without actually saying so.

Economists expect India’s Q1 GDP growth at 12.5-15%

The Indian economy is likely to have grown in double digits in the first quarter of the current financial year, supported by strong revival in consumption and recovery in the services sector, and a low base, according to economists. With forecasts ranging between 12.5% and 15%, economists said private investment is yet to fully recover and rising interest rates led by monetary policy tightening may pose a challenge for additional investments in the manufacturing sector, while high inflation will keep corporate margins under pressure.

New project investments jump nearly 24% to Rs 3.64 lakh crore in June quarter: Report

In the last quarter of FY22, project investments soared 130.2% on an annual basis to Rs 5.91 lakh crore, Brickwork Ratings said in a report on Friday. Led by private sector capital expenditure, new project investments rose 23.7 per cent to Rs 3.64 lakh crore in the June quarter compared to the year-ago period, according to a report. However, the amount is 38.5 per cent lower compared to the fourth quarter of the last financial year.

Revision in Rating Symbols pursuant to SEBI and RBI Guidelines

SEBI, vide its Circular no. SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2021/594 dated July 16, 2021, and subsequent Circular no. SEBI/HO/MIRSD/MIRSD_CRADT /P/CIR/2022/43 dated April 1, 2022, has issued guidelines to Credit Rating Agencies (CRAs) to align their rating scales with the rating scales prescribed under the guidelines of respective financial sector regulator or authority in terms of Regulation 9(f) of CRA Regulations, or in absence of the same, follow rating scales prescribed by the Board vide Circulars dated June 15, 2011, June 13, 2019, or any other circular issued by the Board from time to time.

Opinion: Supreme Court’s ruling on GST deepens the churn in the tax regime

Last week, the Supreme Court ruled that the decisions taken by the GST Council are merely recommendations with “persuasive value” and are not binding. The ruling has opened up serious questions on the stability and certainty of the structure and operation of GST which is still evolving. Although the judgment related to the longstanding dispute over the levy of IGST (integrated GST) on ocean freight charges paid by importers, the larger issue of the enforceability of the GST Council’s decisions has wide repercussions.

Let’s make GST a good and simple tax

The introduction of the value-added tax (VAT) has been perhaps the most important tax reform seen across countries in the last three decades. As of 2018, as many as 166 out of the 193 countries that are members of the UN had implemented the VAT in one form or another. In India, it has been a remarkable achievement and a unique experiment in cooperative federalism. In this, both the Union and the state governments gave up their tax autonomy in favour of harmonising domestic trade taxes.

Tax Revenue Surge: Temporary Spike Or Lasting Feature?

India’s low tax-to-gross domestic product ratio, as compared to the countries with a comparable level of development, has been a matter of policy concern. Despite several reforms over the years, the ratio has been stubbornly constant at 16-17% of GDP in the aggregate and 10-11.5% at the central level. Furthermore, the fluctuations in the ratio mainly reflect the centre’s ratio. The inability to generate adequate revenues has starved allocations to much-needed sectors on physical and human capital formation.

Why cement prices are expected to go up steeply soon

Cement prices are expected to remain high in the near future, and the companies are likely to pass on the high costs in the inflationary environment and raise the prices accordingly.

How Russia-Ukraine war will aggravate semiconductor chip shortage in India

Raw materials exported from Russia and Ukraine, such as the rare gas neon, chemical C4F6 and metals such as palladium, nickel, platinum, rhodium and titanium, are critical for semiconductor manufacturing. If Russia controls its exports, it can further constrain the supply of semiconductor chips and, in turn, aggravate the situation of chip shortage in India.

Crude oil prices likely to remain volatile as Ukraine crisis continues

The incessant rise in crude prices would impact the current account deficit (CAD) to a great extent given India's import dependence for its energy requirements.

Recovery for banking sector likely

The Indian Banking system has been successfully able to withstand the adverse effect of the pandemic, mainly due to the support of the Reserve Bank of India (RBI), according to a Brickwork Ratings (BWR) report.

Integrity of Budget numbers under threat as oil prices spike

The integrity of the Budget numbers is under a threat and the much-hyped increase in capital expenditures may not materialise as much as it was hoped, says M. Govinda Rao, Chief Economic Adviser, Brickwork Ratings.

Ukraine crisis: Growth, demand to take a hard hit, deficit to soar

The Russia-Ukraine crisis-led global hike in crude oil prices to $130 per barrel s expected to trigger an inflationary trend in India which will dent growth as well as demand recovery. The inflationary blow is expected to push up prices of everything from food items to manufactured goods.

GDP likely to grow at 8.9% in 2021-22 instead of 9.2%

Economists were underwhelmed at the 5.4% growth recorded in the same quarter of 2021, and expect the full year growth hopes for this year to be pared further from the 8.9% projected by the NSO, especially in light of the impact of high oil prices on growth as well as inflation trajectories.

India's GDP growth may be below 9% in the current financial year

The impact of third Covid wave on economic momentum is expected to lower India's FY22 GDP growth to 8.3 per cent, said Brickwork Ratings. The ratings agency had earlier given a forecast of 8.5 to 9 per cent for FY22. "The latest growth indicators suggest a loss of economic momentum in recent months.

Brickwork Ratings reaffirms ratings of ITI

ITI said that Brickwork Ratings has reaffirmed its ratings on the enhanced bank loan facilities of the company of Rs 4,469.50 crore. The fund-based long-term rating has been reaffirmed at 'BWR A- (CE)/ Stable' while the non-fund based short term rating has been reaffirmed at 'BWR A2+ (CE)'.

Rising Inflation Worries Common Man; Retail CPI-based Inflation Jumped To 5.66% In Jan 2022

India’s retail inflation for the month of January jumped 6.01 per cent, exceeding the upper limit of the Reserve Bank of India’s inflation tolerance range. The rise is seen mainly because of the increasing prices of consumer goods and telecom, showed the data by the Ministry of Statistics and Program Implementation. The CPI-based inflation was 5.66 per cent in December 2021 post revision.

At 6.01%, Jan retail inflation at 7-month high on pricier food, fuel

Retail inflation based on Consumer Price Index (CPI) crossed the 6 per cent mark again in January as against 5.6 per cent in December, hitting a seven-month high. On the other hand, producers’ inflation, based on the Wholesale Price Index (WPI) dropped to 12.96 per cent in January as against 13.5 per cent in December.

RBI Monetary Policy HIGHLIGHTS: Guv Shaktikanta Das-led MPC keeps interest rates unchanged; calls private cryptocurrencies huge threat

In line with BWR’s expectations, RBI continued its dovish stance and remained accommodative by reiterating that despite the economic recovery and aggregate demand gaining traction and improving inflation outlook, continued policy support is warranted to support domestic growth, which is the highest priority. Continuing with its calibrated liquidity management policy to maintain financial stability

Closing Bell: Nifty ends above 17,600, Sensex gains 460 pts after RBI keeps rates unchanged

Nifty trades with positive momentum for the Feb series. Support is placed at 17070 levels. Above 17500, open interest build-up is seen only at the 18000 strikes indicating possible resistance. FII segment has witnessed unwinding in the index options segment which is supportive of the positive bias.

Budget 2022-23: The Growth – Stability Dilemma

The excess liquidity in the system threatens to increase inflation and has forced the RBI to start draining out excess liquidity. With the monetary policy exhausting its potency, the burden of the heavy lifting of the economy has fallen on fiscal policy. In this environment, the finance minister is faced with the dilemma of expanding the fiscal to revive the economy but is constrained by the need to contain the deficit at the level set by the fiscal adjustment path.

New FM Tune - Aatma Nirbhar Digital Bharat With No Prescriptions For COVID-Hit Sectors

Ms Sitharam misses out on concerns such as primary health, job creation, mid-size companies, manufacturing, say analysts. PRASHANT RUIA, Director, Essar Capital -A blueprint budget with a nice touch of green! A bold one with a massive hike in public investment will be the booster dose to restart corporate investments. The infrastructure allocation with a focus on technology will generate employment & help transform tomorrow!

Focus on accelerating growth with stability

The Budget is in the desired direction in the given circumstances, but its impact on the economy will depend on the efficiency of implementation With the country yet again grappling with another wave of the COVID-19 pandemic, there are concerns about faltering growth and increasing unemployment. With international commodity prices, particularly crude oil prices, continuing to rise and with advanced economies draining liquidity and increasing interest rates, there is limited scope for monetary policy and heavy lifting of the economy, for growth acceleration must come from fiscal policy. It is in this context that the focus fell on the Budget to address the task of accelerating growth and creating new employment opportunities and the task of fiscal consolidation became secondary.

Budget has to prioritise growth while staying on the fiscal consolidation path

Omicron may be less severe, but has still caused some economic disruption, particularly in the services sector, because of the restrictions imposed in various states. Several economists have recently revised their GDP growth forecasts for the year ending March 2022 to 8.5 per cent to 9 per cent, around 0.5 per cent to 1.0 per cent less than earlier projections. Therefore, the 2022-2023 Union budget’s thrust area will be boosting economic growth and ensuring that all sectors are ready for a post-pandemic world, while being prepared for future waves. This will require a lot of funding, which is in limited supply.

Ethanol mixing programme: Meeting goal will likely be robust going

2 hours ago While India's made regular progress in elevating ethanol share in auto fuels, provide points and vehicular know-how could are available means of 20% mixing purpose for 2025 being achieved. Although the nation has made regular progress in elevating the share of ethanol in auto-fuels, having elevated it to eight.1% in Ethanol Supply Year (ESY) 2020-21 (December-November) from 5% a yr earlier, a number of points will must be addressed if the goal of 20% mixing by 2025 is to be achieved, consultants have stated.

Almost a year on, bad bank yet to take off: RBI not in favour of dual structure

The RBI has now indicated that both the acquisition and resolution should be housed under the same legal entity. Accordingly, the NARCL and the IDRCL are reworking the arrangement under which both the processes will be under the former's control. Six months after the setting up of the National Asset Resolution Company Limited (NARCL), the proposal for setting up a ‘ bad bank ' — a key reform measure of this fiscal year's Budget — is yet to take off. The impediments include issues arising from the ownership structure and operational mechanism, with the proposed setting up of two separate entities — the NARCL and the India Debt Resolution Company Limited (IDRCL).

Healthcare sector likely to get more funding in upcoming Budget

Industry experts hold that the healthcare sector is in focus for the past two years since the COVID 19 epidemic hit the country and is expected to receive increased allocation of funds in the upcoming budget for vaccine services and infrastructure boosts.

Budget 2022 Expectations: Consumer confidence to be restored?

To restore consumer confidence, which was severely dented by waves of the Covid-19 pandemic and to sustain the growth recovery, the Budget is expected to provide support through various measures.

INTERVIEW: AatmaNirbhar plan to hurt econ, says economist Govinda Rao

Back Informist, Wednesday, Jan 19, 2022 By Krity Ambey and Sagar Sen "Going for AatmaNirbhar Bharat and increasing protectionist stance is not going to help," says Rao in an interview to Informist."It will force inferior goods and services on domestic consumers at a very high cost and make the economy non-competitive,” Rao says. “Refusal to join competition will condemn you to be non-competitive perpetually."

Challenges galore

Usually, speculation on the Union budget dominates the discussion in the media in January. However, this year, concerns about the exponential spread of the virus has relegated everything else to the background, as it did last year, too. Nevertheless, it is important to think about the measures the government could initiate to enable the economic recovery process, provide relief to victims, and advance reforms to put the economy at least on the pre-pandemic growth trajectory.

Industrial growth slows, inflation soars

India’s December retail inflation quickened to a five-month high of 5.56% amid soaring food prices, while industrial growth slipped to a nine-month low of 1.4% as pent up demand during the festive months failed to sustain in November.

Q3FY22 Earnings Outlook: Robust numbers likely from companies of these sectors; margin pressure to hit these sectors

Second quarter so far was recovering from the second wave impact and had also faced the demand and supply chain issue. From rising input costs to supply chain issues, the October-December quarter earnings for the financial year 2021-22 (Q3FY22) will continue to witness pressure on the margins across sectors, majority of the analysts say, citing that overall results season will be good, however, mixed.

Brickwork lowers FY22 growth estimate amid Covid fears, high oil prices

After having witnessed a sequential improvement in Q2FY22, due to pent-up demand, it appears that the growth rates in the third and fourth quarters need a downward revision, it said in a statement on Thursday.

Budget 2022: In Search Of An Investment Cycle

An economy hit by a once-in-a-generation crisis. A k-shaped recovery. Widening inequalities. Not enough jobs. As the Indian economy tries to lighten the scars of the Covid-19 pandemic, an investment cycle, which can help kick-start a virtuous pattern of jobs, income and consumption, is critical. But amid still tepid demand conditions, the onus to kick-start that cycle is on the government.In the union budget of 2021, the government .An economy hit by a once-in-a-generation crisis. A k-shaped recovery. Widening inequalities.

India’s April-November budget deficit shrinks to 46% of full-year target

According to official data released on Friday, the center’s budget deficit at the end of November was 46.2% of the 2010 budget estimate against the backdrop of strong revenues.

Jagdish Sheth School of Management's IIP Students Secure 100% Placement

Students of Jagdish Sheth School of Management (JAGSoM)’s Industry Internship Programme (IIP) has received 100 per cent placements as of December 2021. The average stipend of JAGSoM students has risen by 60 per cent. As many as 50 per cent of the students received their pre-placement offers with their internship.

Automakers in India gear up to launch affordable EVs

What has led to the change in priorities? Forty-six of the world’s 100 most polluted cities are in India!. Shally Seth Mohile reports.India’s electric mobility goal, which has so far been riding on two wheels, is all set to graduate to four wheels. At least, the journey has begun.

RBI Monetary Policy Announcements December 2021: How industry, experts reacted – Who said what

The Reserve Bank of India (RBI) on Wednesday kept borrowing costs at a record-low for the ninth consecutive time as it decided to continue supporting economic growth amid uncertainty over the impact of the Omicron strain of the coronavirus on the economy. The six-member Monetary Policy Committee (MPC), which has paused rate changes since August last year, unanimously decided to keep the benchmark repurchase rate at 4 per cent and voted 5-1 to retain its accommodative policy stance as long as is necessary, reflecting a continued bias to support economic growth given that inflation was not a big worry. The reverse repo rate — the level at which it absorbs excess cash from lenders — was kept unchanged at 3.35 per cent.

Residential real estate has seen buoyancy post lockdown

Residential real estate has seen buoyancy post lockdown on account of various factors. Government measures such as reduction in stamp duty in Maharashtra, West Bengal and Karnataka (only for first time registrations) have been very successful in fueling demand

US stock futures rally as traders take Powell’s ‘Time to retire the word Transitory’ remark in their stride

US stock index futures are showing strength and were trading higher after the recent comments by Federal Reserve Chair Jerome Powell on inflation and the potential economic impact from the omicron virus strain. The DJIA Futures, Nasdaq Composite Futures and the S&P 500 Futures were trading up by nearly 0.91 per cent, 1.19 per cent and 1.33 per cent, respectively.

Brickwork revises rating on Baid Leasing & Finance's credit facilities; Stock soars 2%

Brickwork Ratings has assigned ‘BWR BBB/Stable’ to the additional fund based Term Loan/ Working Capital (WC) facilities and reaffirms ratings at ‘BWR BBB/Stable’ for the existing Term Loan/ WC Facilities of Baid Leasing and Finance Co. Limited.

This PSU stock has zoomed 111% thus far in 2021, up 31% in the last 6 days

Brickwork Ratings said it will continue to monitor the strategic disinvestment process of BEML and take appropriate rating action as and when necessary. Shares of BEML hit a new high of Rs 2,041, on rallying 10 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes after Brickwork Ratings India assigned BWR AA ratings to the company’s bank loan facilities with stable outlook.

Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8% (Roundup)

New Delhi, Nov 30 (IANS) Higher central fiscal spending as well as consumption recovery and healthy monsoon season accelerated India's Q2FY22 GDP growth rate to 8.4 per cent on a year-on-year basis. Besides, pent-up demand, higher exports along with a rise in service activity amid further improvement in mobility supported the uptrend. The accelerated vaccination drive also played a role in this YoY rise as it brightened consumer sentiments. On a YoY basis, India's GDP growth rate had fallen by 7.4 per cent during the corresponding period of the previous fiscal. On a sequential basis, the GDP growth rate during Q2FY22 was lower than the rise of 20.1 per cent recorded for Q1FY22. India's GDP at constant 2011-12 prices has been estimated at Rs 35.73 lakh crore in Q2FY22, as against Rs 32.97 lakh crore in Q2FY21.

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).

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

• 09 August 2021, Business-journal , TheIndianExpress , Freepressjournal , Indianewsrepublic

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.

• 09 August 2021, IndianExpress

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.

• 06 August 2021, auto.economictimes06august , Businesstoday , BusinessStandard , Businessworld , Deccanherald , Economictimes06august

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.

• 04 August 2021, Financial Express, Eprime Ffeed , daily2dailynews

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.

• 19 July 2021, Financial Express, Eprime Feed, Business Journal

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.

• 14 July 2021, Financial Express

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.

• 13 July 2021, IIFL Securities

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.

• 13 July 2021, IndiaInfolineNewsService

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.

• 13 July 2021, Mint

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.

• 30 June 2021, Tele.Net

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

• 24 June 2021, Deccan Chronicle, The Asian Age

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.

• 21 June 2021, Financial Express, DoordarshanNews, ConstructionWorld

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.

• 21 June 2021, LiveMint

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.

• 15 June 2021, BusinessStandard

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.

• 14 June 2021, TheHinduBusinessLine, Business-Journal, TimesofIndia

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.

• 09 June 2021, BusinessLine

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.

• 07 June 2021, Financial Express, FreepressJournal, NEWS18, NEWS Tribe

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.

• 07 June 2021, NEWS18

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.

• 07 June 2021, NEWS18

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.

• 07 June 2021, India

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.

• 03 June 2021, LiveMint, DeccanChronicle_Hyderabad, HindustanTimes_Edge, TelanganaToday_Hyderabad, TheAsianAge_NewDelhi, TheIndianExpress_Kolkata, BusinessLine, BusinessStandard, BusinessWorld, EconomicTimes, FinancialExpress, Indianexpress, NDTV, OutlookIndia, TimesofIndia

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.

• 02 June 2021, Financial Express, Eprimefeed, Dailyhunt

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.”

• 31 May 2021, Financial Express, Business-Journal, Financial Express

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

• 26 May 2021, Business Standard

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.

• 21 May 2021, Business Line, outlook India, Business World

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.

• 19 May 2021, The Hindu

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.

• 07 May 2021, Livemint

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.

• 06 May 2021, Business Standard, Business Journal, Outlook India, Yahoo, The Free Press Journal, Daily Hunt

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)

• 04 May 2021, Mint

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.

• 27 April 2021, Finacial Express, CNBC TV18, Investment Guru India, Mint, Outlook, Yahoo Finance

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

• 18 April 2021, Indian News Republick

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.

• 17 April 2021, SME Times, India News, WebIndia123

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.

• 14 April 2021, Financial Express

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.

• 04 April 2021, Daily World, The Hawk, Baskar Live, New Kerla, ET Auto, Seattle Indian, ETV Bharat, Philadelphia Indian, LA Indian, Kentucky Indian, Carolina Indian, IND News, Investment Guru India, ProKerala, Window to News, Telangana Today

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.

• 24 March 2021, Financial Express, Housing

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.

• 13 March 2021, Financial Express, Business Standard, The Economic Times, The Hindu, Outlook, Deccan Herald, MSN India, Prime Times, Zee News

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.

• 10 March 2021, People Matters

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.

• 02 March 2021, EquityBulls

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".

• 22 February 2021, Financial Express

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.

• 06 February 2021, The Indian Express, The Economic Times, Kashmir Images, The Financial Express, Deccan Herald

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.

• 03 February 2021, IIFL

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.

• 03 February 2021, Moneycontrol

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.

• 01 February 2021, Express Healthcare

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.

• 01 February 2021, Financial Express, Financial Express

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.

• 01 February 2021, Bloomberg

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

• 30 January 2021, Business Today

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).

• 30 January 2021, The Times of India

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.

• 29 January 2021, The Hindu

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.

• 29 January 2021, NDTV, Pehal News

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.

• 29 January 2021, NDTV, Business insider India, Daily Hunt, Energy Infra Post, MSN, English Jagran

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.

• 18 January 2021, Moneycontrol

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.

• 14 January 2021, Business Standard

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.

• 13 January 2021, TheFinancialExpress

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.

• 12 January 2021, The Economic Times

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.

• 05 January 2021, FinancialExpress

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.

• 26 December 2020, India Post

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.

• 24 December 2020, Dalal Street Investment Journal

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.

• 24 December 2020, IIFL Securities

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.

• 11 December 2020, Business Today

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.

• 11 December 2020, Business Standard

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.

• FinancialExpress, 07 December 2020

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.

• Mint, 07 December 2020

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

• TelegraphIndia, 01 December 2020

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.

• Mint, 19 November 2020

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

• MoneyControl, 30 November 2020

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.

• Business Standard, 30 November 2020

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

• 18 September 2020  ,Business Standard   ,Bloomberg  ,CNBC TV   ,Financial Express

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+.

• BusinessStandard, 04 September 2020

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.

• National Herald, 24 August 2020

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.

• The Economic Times, 03 August 2020

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.

• Business Standard, 03 August 2020

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

• The Indian Express, 01 July 2020

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.

• Outlook, 30 June 2020

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.

• The Telegraph, 26 June 2020

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

• Economic Times, 24 June 2020

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)

• Business Standard, 24 June 2020

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...

• BusinessLine, 26 May 2020

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...

• ETBureau, 26 May 2020

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.

• The Hindu BusinessLine, 20 February 2020

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.

• Outlook, 13 February 2020

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.

• ETMarkets, 29 December 2019

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.

• IANS (Indo-Asian News Service), 24 December 2019

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).

• Business Standard, 19 December 2019

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.

• Economic Times, 13 December 2019

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.

• Economic Times, 04 December 2019

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.

• Economic Times, 14 November 2019

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.

• Economic Times, 11 November 2019

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.

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).

• BusinessLine, 08 October 2019

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.

• Moneycontrol, 23 September 2019

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.

• BusinessLine, 17 September 2019

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, Chennai, 29 August 2019

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.

• Times of India, 23 August 2019

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.

• BusinessStandard, 01 July 2019

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.

• Brickwork Ratings, 27 May 2019

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.

• Brickwork Ratings, 27 May 2019

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.

• BusinessStandard, 20 April 2019

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)

• BusinessStandard, 01 April 2019

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

• NewsBarons, 24 March 2019

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.

• Cogencis, 15 March 2019

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.

• REUTERS, 07 March 2019

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.

• moneycontrol, 26 Feb 2019

Brickwork Ratings lowers rating of Reliance Capital

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

• BusinessLine, 16 Feb 2019

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

• Economic Times, 11 Feb 2019

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

• BusinessLine, 08 Jan 2019

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)

• BusinessStandard, 19 Dec 2018

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)...

• BusinessLine, 18 Dec 2018

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.

• MENAFN, 29 Nov 2018

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.

• The Economic Times, 28 Nov 2018

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.

• BusinessWire, 12 Nov 2018

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.

• BusinessLine, 06 Oct 2018

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.

• The Times of India, 14 Sep 2018

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.

• Live Mint, 11 Sep 2018

RInfra's credit profile improves

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

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

• FinancialExpress, 24 August 2018

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.

• BusinessLine, 21 August 2018

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.

• EquityBulls, 01 August 2018

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)

• Business Standard, 26 July 2018

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.

• CEO Insights, July 2018

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.

• TelevisionPost, 04 July 2018

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

• EquityBulls, 01 July 2018