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June 29 (Reuters) - ICRA Ltd ICRA.NS:
ICRA - UNIT TO BUY REMAINING 40% OF D2K TECHNOLOGIES FOR 320 MILLION RUPEES
Source text: ID:nBSE8vrVrD
Further company coverage: ICRA.NS
(([email protected];))
June 29 (Reuters) - ICRA Ltd ICRA.NS:
ICRA - UNIT TO BUY REMAINING 40% OF D2K TECHNOLOGIES FOR 320 MILLION RUPEES
Source text: ID:nBSE8vrVrD
Further company coverage: ICRA.NS
(([email protected];))
Iran war caused shortfall in LPG for cooking in India
High subsidies on LPG weigh on government finances
India pushes adoption of piped gas, sold closer to market price
India's LPG imports to reduce as customers switch to piped gas
New piped gas connections surge in March
By Nidhi Verma
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.
The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.
Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.
"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.
In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.
India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.
LPG DISRUPTION EXPOSES IMPORT DEPENDENCE
The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.
India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.
India satisfies half of its natural gas consumption with imports of liquefied natural gas.
"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.
Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.
Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.
Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.
India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.
Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.
The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.
"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.
(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)
(([email protected]; X: @nidhi712;))
Iran war caused shortfall in LPG for cooking in India
High subsidies on LPG weigh on government finances
India pushes adoption of piped gas, sold closer to market price
India's LPG imports to reduce as customers switch to piped gas
New piped gas connections surge in March
By Nidhi Verma
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.
The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.
Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.
"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.
In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.
India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.
LPG DISRUPTION EXPOSES IMPORT DEPENDENCE
The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.
India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.
India satisfies half of its natural gas consumption with imports of liquefied natural gas.
"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.
Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.
Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.
Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.
India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.
Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.
The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.
"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.
(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)
(([email protected]; X: @nidhi712;))
** Drug maker Natco Pharma's NATP.NS stock up 2.5%; earlier rose as much as 5.22% to 923 rupees
** Rating agency ICRA reaffirms ICRAAA (Stable)/ ICRAA1+ credit ratings of NATP, citing notable market position, strong portfolio of complex generics, R&D capabilities
** Sees NATP's expansion in emerging markets such as Saudi Arabia, Algeria, Morocco, Egypt, Latin America as key positive
** NATP has also incorporated units in Brazil, Canada, Indonesia, Singapore, Philippines, UK and Columbia, to set up front-end presence
** With the expansion, NATP will be able to achieve higher profitability in the upcoming quarters, says ICRA, while flagging potential litigation risks
** NATP down 37% YTD vs 2.6% drop in pharma index .NIPHARM, exchange data shows
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Drug maker Natco Pharma's NATP.NS stock up 2.5%; earlier rose as much as 5.22% to 923 rupees
** Rating agency ICRA reaffirms ICRAAA (Stable)/ ICRAA1+ credit ratings of NATP, citing notable market position, strong portfolio of complex generics, R&D capabilities
** Sees NATP's expansion in emerging markets such as Saudi Arabia, Algeria, Morocco, Egypt, Latin America as key positive
** NATP has also incorporated units in Brazil, Canada, Indonesia, Singapore, Philippines, UK and Columbia, to set up front-end presence
** With the expansion, NATP will be able to achieve higher profitability in the upcoming quarters, says ICRA, while flagging potential litigation risks
** NATP down 37% YTD vs 2.6% drop in pharma index .NIPHARM, exchange data shows
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Credit rating co ICRA ICRA.NS rises 3.02% to 6482 rupees after Q2 results
** Co reports ~29% y/y rise in consolidated net profit, benefiting from strong growth in its ratings segment
** Revenue from operations rises ~8% y/y
** YTD, ICRA up ~1.5%
(Reporting by Ananta Agarwal in Bengaluru)
** Credit rating co ICRA ICRA.NS rises 3.02% to 6482 rupees after Q2 results
** Co reports ~29% y/y rise in consolidated net profit, benefiting from strong growth in its ratings segment
** Revenue from operations rises ~8% y/y
** YTD, ICRA up ~1.5%
(Reporting by Ananta Agarwal in Bengaluru)
By Sethuraman N R
NEW DELHI, Sept 4 (Reuters) - India's decision to cut taxes on solar and wind equipment will lower costs for new plants and pressure existing project developers to reduce tariffs, accelerating the country's shift to renewable energy, industry experts said.
The government on Wednesday slashed the goods and services tax (GST) on solar photovoltaic modules and wind turbine generators to 5% from 12%, part of broader tax cuts on hundreds of consumer items.
The tax cut for solar PV modules and wind turbine generators is expected to reduce the capital cost for solar and wind power projects by about 5%, said Girishkumar Kadam, Senior Vice President & Group Head, ICRA Ltd.
India, which aims to expand its non-fossil fuel capacity to 500 GW by 2030, currently has about 44 GW of renewable projects awaiting firm power supply agreements.
The tax change poses “a few short-term challenges” as projects awarded before the cut may require renegotiation of existing power supply contracts, said Saurabh Agarwal, tax and new energy partner at EY India.
Oyster Renewable Energy said the lower tax rate would allow developers to re-engage with utilities at more competitive tariffs, potentially unlocking stuck projects.
Developers that have not yet procured equipment will likely need to pass on the tax benefit to consumers through lower tariffs, while those that already paid the higher rate can justify existing tariff agreements by providing documentation to the federal regulator, said Sanjeev Aggarwal, founder and executive chairman of Hexa Climate Solutions.
Solar equipment maker Waaree Energies (WAAN.NS) said it would pass on the benefits to customers.
(Reporting by Sethuraman NR; Editing by Tasim Zahid)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R
NEW DELHI, Sept 4 (Reuters) - India's decision to cut taxes on solar and wind equipment will lower costs for new plants and pressure existing project developers to reduce tariffs, accelerating the country's shift to renewable energy, industry experts said.
The government on Wednesday slashed the goods and services tax (GST) on solar photovoltaic modules and wind turbine generators to 5% from 12%, part of broader tax cuts on hundreds of consumer items.
The tax cut for solar PV modules and wind turbine generators is expected to reduce the capital cost for solar and wind power projects by about 5%, said Girishkumar Kadam, Senior Vice President & Group Head, ICRA Ltd.
India, which aims to expand its non-fossil fuel capacity to 500 GW by 2030, currently has about 44 GW of renewable projects awaiting firm power supply agreements.
The tax change poses “a few short-term challenges” as projects awarded before the cut may require renegotiation of existing power supply contracts, said Saurabh Agarwal, tax and new energy partner at EY India.
Oyster Renewable Energy said the lower tax rate would allow developers to re-engage with utilities at more competitive tariffs, potentially unlocking stuck projects.
Developers that have not yet procured equipment will likely need to pass on the tax benefit to consumers through lower tariffs, while those that already paid the higher rate can justify existing tariff agreements by providing documentation to the federal regulator, said Sanjeev Aggarwal, founder and executive chairman of Hexa Climate Solutions.
Solar equipment maker Waaree Energies (WAAN.NS) said it would pass on the benefits to customers.
(Reporting by Sethuraman NR; Editing by Tasim Zahid)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** Heavy electrical equipment manufacturer Bharat Bijlee BBJL.NS soars 12.69% to 3,159 rupees
** Stock set for best day in more than 4 months
** Credit rating agency ICRA reaffirms ratings for the bank facilities availed by co
** Long-term ratings reaffirmed at 'AA-' and short-term at 'A1+', with long-term outlook 'stable'
** With session's gains, stock trims YTD decline to ~15.7%
(Reporting by Ananta Agarwal in Bengaluru)
** Heavy electrical equipment manufacturer Bharat Bijlee BBJL.NS soars 12.69% to 3,159 rupees
** Stock set for best day in more than 4 months
** Credit rating agency ICRA reaffirms ratings for the bank facilities availed by co
** Long-term ratings reaffirmed at 'AA-' and short-term at 'A1+', with long-term outlook 'stable'
** With session's gains, stock trims YTD decline to ~15.7%
(Reporting by Ananta Agarwal in Bengaluru)
** Shares of ICRA ICRA.NS rise 2% to 6782 rupees
** Credit rating agency signs deal to acquire risk and data analytics firm Fintellix for $26 million
** Co says acquisition will strengthen its existing product portfolio in research, analytics
** Stock up 5.6% YTD
(Reporting by Aleef Jahan in Bengaluru)
** Shares of ICRA ICRA.NS rise 2% to 6782 rupees
** Credit rating agency signs deal to acquire risk and data analytics firm Fintellix for $26 million
** Co says acquisition will strengthen its existing product portfolio in research, analytics
** Stock up 5.6% YTD
(Reporting by Aleef Jahan in Bengaluru)
Indian domestic market facing scrutiny over recent fare hikes
Air India Express to complete retrofitting jets with economy seats by the beginning of fiscal year 2027
Plans to deepen partnership with international low-cost carriers
By Abhijith Ganapavaram
NEW DELHI, March 28 (Reuters) - The head of Air India Express said on Friday that the increased capacity Indian carriers expect to add in coming years will outpace demand, which may potentially bring down ticket prices, as the airline industry comes under criticism for rising fares.
India's domestic air travel sector is among the fastest growing in the world, but just two carriers - IndiGo and Air India, parent of Air India Express - control about 90% of the market.
Criticism around rising fares has been growing. Earlier this year, India's aviation regulator, the Directorate General of Civil Aviation (DGCA), was forced to step in and ask airlines to cut fares after prices soared during the Hindu Maha Kumbh festival.
"The capacity that we expect coming into the market, not just over the next year, but over the next several years, in all probability, will stay ahead of the demand," Managing Director Aloke Singh told reporters, when asked about air fare concerns.
His comments come days after an Indian parliament committee recommended giving the DGCA the power to regulate air fares, currently based on demand and supply considerations.
Indian airlines are expected to add 96 aircraft to their fleet this calendar year, according to data from consultancy Cirium Ascend, slightly less than in the previous two years.
Express will add about 15 aircraft to its fleet in the next fiscal year, which begins on April 1, with some procured from Air India, Singh said. It is also working on a "long term" fleet plan, he said, without elaborating.
Capacity should rise by about 45% next year, enabling the airline to carry an average of 2.5 million passengers per month, up from 2 million passengers the previous year, Singh said.
Express added about 37 planes last year, consisting of Boeing's BA.N 737 MAX jets and Airbus AIR.PA A320neo and A320ceo aircraft.
The company plans to complete the addition of economy class seats to its aircraft by the beginning of fiscal year 2027, Singh said.
The carrier is also looking to deepen arrangements with international low-cost airlines Scoot, Jazeera Airways and Air Arabia, among others, allowing passengers more options.
(Reporting by Abhijith Ganapavaram; Editing by Rachna Uppal)
((Email: [email protected]; Mobile: +91-9019785574;))
Indian domestic market facing scrutiny over recent fare hikes
Air India Express to complete retrofitting jets with economy seats by the beginning of fiscal year 2027
Plans to deepen partnership with international low-cost carriers
By Abhijith Ganapavaram
NEW DELHI, March 28 (Reuters) - The head of Air India Express said on Friday that the increased capacity Indian carriers expect to add in coming years will outpace demand, which may potentially bring down ticket prices, as the airline industry comes under criticism for rising fares.
India's domestic air travel sector is among the fastest growing in the world, but just two carriers - IndiGo and Air India, parent of Air India Express - control about 90% of the market.
Criticism around rising fares has been growing. Earlier this year, India's aviation regulator, the Directorate General of Civil Aviation (DGCA), was forced to step in and ask airlines to cut fares after prices soared during the Hindu Maha Kumbh festival.
"The capacity that we expect coming into the market, not just over the next year, but over the next several years, in all probability, will stay ahead of the demand," Managing Director Aloke Singh told reporters, when asked about air fare concerns.
His comments come days after an Indian parliament committee recommended giving the DGCA the power to regulate air fares, currently based on demand and supply considerations.
Indian airlines are expected to add 96 aircraft to their fleet this calendar year, according to data from consultancy Cirium Ascend, slightly less than in the previous two years.
Express will add about 15 aircraft to its fleet in the next fiscal year, which begins on April 1, with some procured from Air India, Singh said. It is also working on a "long term" fleet plan, he said, without elaborating.
Capacity should rise by about 45% next year, enabling the airline to carry an average of 2.5 million passengers per month, up from 2 million passengers the previous year, Singh said.
Express added about 37 planes last year, consisting of Boeing's BA.N 737 MAX jets and Airbus AIR.PA A320neo and A320ceo aircraft.
The company plans to complete the addition of economy class seats to its aircraft by the beginning of fiscal year 2027, Singh said.
The carrier is also looking to deepen arrangements with international low-cost airlines Scoot, Jazeera Airways and Air Arabia, among others, allowing passengers more options.
(Reporting by Abhijith Ganapavaram; Editing by Rachna Uppal)
((Email: [email protected]; Mobile: +91-9019785574;))
** Shares of Nuvama Wealth Management NUVA.NS up 1.9% to 5,564 rupees
** The company, which provides investment banking and brokerage services, says credit rating agency ICRA Ltd ICRA.NS reaffirmed its issuer rating assigned to Nuvama and revised outlook from stable to positive
** ICRA also reaffirms credit rating assigned to Long term/Short term non-fund-based bank lines and, revised outlook from stable to positive for unit Nuvama Clearing Services - co
** Avg rating of seven analysts is "strong buy" and median PT is 8,000 rupees, ~43.3% higher than current price - LSEG data
** NUVA nearly doubled in 2024
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
** Shares of Nuvama Wealth Management NUVA.NS up 1.9% to 5,564 rupees
** The company, which provides investment banking and brokerage services, says credit rating agency ICRA Ltd ICRA.NS reaffirmed its issuer rating assigned to Nuvama and revised outlook from stable to positive
** ICRA also reaffirms credit rating assigned to Long term/Short term non-fund-based bank lines and, revised outlook from stable to positive for unit Nuvama Clearing Services - co
** Avg rating of seven analysts is "strong buy" and median PT is 8,000 rupees, ~43.3% higher than current price - LSEG data
** NUVA nearly doubled in 2024
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
MUMBAI, March 5 (Reuters) - A summary of primary bond market deals in India as of 6:00 p.m. IST (1230 GMT) on March 5. Please note that the list includes deals reported by Reuters, and is not exhaustive.
Here is the list of deals reported so far on March 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
AnZen India Energy Yield Plus Trust | 3 years | 7.77 (quarterly) | 7 | March 5 | AAA (Crisil, India Ratings) |
NABARD April 2030 reissue | 5 years and 1 month | To be decided | 20+50 | March 7 | AAA (Icra, India Ratings) |
Cholamandalam Investment | 7 years | 9.05 | 10 | March 5 | AA+ (Icra, India Ratings) |
Aditya Birla Finance | 3 year and 5 months | 7.9413 | 2.50 + 12.50 | March 6 | AAA (Crisil, Icra) |
Tata Capital Jan 2027 reissue | 1 year and 10 months | To be decided | 1.50 + 6 | March 6 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
(Reporting by Dharamraj Dhutia)
MUMBAI, March 5 (Reuters) - A summary of primary bond market deals in India as of 6:00 p.m. IST (1230 GMT) on March 5. Please note that the list includes deals reported by Reuters, and is not exhaustive.
Here is the list of deals reported so far on March 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
AnZen India Energy Yield Plus Trust | 3 years | 7.77 (quarterly) | 7 | March 5 | AAA (Crisil, India Ratings) |
NABARD April 2030 reissue | 5 years and 1 month | To be decided | 20+50 | March 7 | AAA (Icra, India Ratings) |
Cholamandalam Investment | 7 years | 9.05 | 10 | March 5 | AA+ (Icra, India Ratings) |
Aditya Birla Finance | 3 year and 5 months | 7.9413 | 2.50 + 12.50 | March 6 | AAA (Crisil, Icra) |
Tata Capital Jan 2027 reissue | 1 year and 10 months | To be decided | 1.50 + 6 | March 6 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
(Reporting by Dharamraj Dhutia)
Feb 4 (Reuters) - ICRA Ltd ICRA.NS:
RECEIVES ADMINISTRATIVE WARNING FROM SEBI
SEBI ADVISES ICRA TO IMPROVE COMPLIANCE STANDARDS
VIOLATION RELATED TO NON-COMPLIANCE OF SEBI REGULATION
NO FINANCIAL IMPACT ON ICRA FROM SEBI WARNING
Source text: ID:nBSE9BNfxk
Further company coverage: ICRA.NS
(([email protected];))
Feb 4 (Reuters) - ICRA Ltd ICRA.NS:
RECEIVES ADMINISTRATIVE WARNING FROM SEBI
SEBI ADVISES ICRA TO IMPROVE COMPLIANCE STANDARDS
VIOLATION RELATED TO NON-COMPLIANCE OF SEBI REGULATION
NO FINANCIAL IMPACT ON ICRA FROM SEBI WARNING
Source text: ID:nBSE9BNfxk
Further company coverage: ICRA.NS
(([email protected];))
Nov 26 (Reuters) - ICRA Ltd ICRA.NS:
ICRA ANALYTICS COLLABORATES WITH BITSIGHT FOR RISK SOLUTION OFFERINGS - STATEMENT
Source text: [ID:]
Further company coverage: ICRA.NS
(([email protected];))
Nov 26 (Reuters) - ICRA Ltd ICRA.NS:
ICRA ANALYTICS COLLABORATES WITH BITSIGHT FOR RISK SOLUTION OFFERINGS - STATEMENT
Source text: [ID:]
Further company coverage: ICRA.NS
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add information regarding Bajaj Housing Finance IPO in fourth paragraph.
By Ujjaini Dutta
BENGALURU, Sept 12 (Reuters Breakingviews) - India’s diaspora is fuelling a property boom in the world's fifth-largest economy. New launches of luxury homes by saleable area in the top seven cities hit 231 million square feet in the year through March, up 48% year-on-year, according to ICRA ICRA.NS, a credit ratings agency. Average prices of luxury homes in places including New Delhi, Bengaluru, and Chennai jumped 18% in the three months to end June. It's a helpful tailwind for GDP growth.
After a decade-long slump in the housing market through 2019, real estate is hotting up again as an investment choice including for ultra-high net worth individuals. Since the pandemic, consumers also prefer bigger homes. Plus landmark regulation introduced by Prime Minister Narendra Modi's government calls for timely project delivery and is restoring the confidence of everyday buyers.
Non-resident Indians are emerging as an especially strong source of demand; they will be the source of 20% of overall primary sales by 2025, up from 10% in 2019, according to NoBroker. The appetite of these buyers looks robust: they have a strong emotional connection to their motherland and plan to use the properties in the future, notes the technology-led real estate services firm.
The frenzy has put stocks of top developers in India into overdrive. Shares of $24 billion DLF DLF.NS, the largest listed real estate company in India, soared 57% in the past one year and those of Macrotech Developers MACE.NS - part of the Lodha group – jumped 53%. Over that period, the Nifty Realty Index .NIFTYREAL has outperformed the broader Nifty 50 benchmark .NSEI by 47 percentage points. Investors this week placed bids worth $39 bln for the initial public offering of Bajaj Housing Finance BAJO.NS, a mortgage lender focusing on well-heeled borrowers. By contrast, new launches of affordable property are stagnating as overall consumption in the economy remains subdued.
The luxury boom, and non-resident Indian purchases, matter because property is an important source of overall investment - which accounts for about a third of GDP. Private real estate demand, including for dwellings, was leading the uptick in investment, more than public capital expenditure, HSBC economist Pranjul Bhandari pointed out in a research note in March.
India’s blistering economic expansion is starting to moderate; GDP growth slowed to 6.7% in the April to June quarter. Demand for luxury housing is easing to a less frothy pace too: new launches will rise about 27% year-on-year in the current financial year, per ICRA. Overseas Indians will remain important buyers, however. They send remittances to the country and answer official calls to purchase diaspora bonds, issued by the government at times of crisis. Now they are flattering investment too.
Follow @ujjainidutta_
CONTEXT NEWS
New launches of luxury homes in India by saleable area hit 231 million square feet, up 48% year-on-year in financial year 2024, according to ICRA, a ratings agency majority-owned by Moody's.
Graphic: India's diaspora is snapping up property back home https://reut.rs/3Ba4Jdz
(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add information regarding Bajaj Housing Finance IPO in fourth paragraph.
By Ujjaini Dutta
BENGALURU, Sept 12 (Reuters Breakingviews) - India’s diaspora is fuelling a property boom in the world's fifth-largest economy. New launches of luxury homes by saleable area in the top seven cities hit 231 million square feet in the year through March, up 48% year-on-year, according to ICRA ICRA.NS, a credit ratings agency. Average prices of luxury homes in places including New Delhi, Bengaluru, and Chennai jumped 18% in the three months to end June. It's a helpful tailwind for GDP growth.
After a decade-long slump in the housing market through 2019, real estate is hotting up again as an investment choice including for ultra-high net worth individuals. Since the pandemic, consumers also prefer bigger homes. Plus landmark regulation introduced by Prime Minister Narendra Modi's government calls for timely project delivery and is restoring the confidence of everyday buyers.
Non-resident Indians are emerging as an especially strong source of demand; they will be the source of 20% of overall primary sales by 2025, up from 10% in 2019, according to NoBroker. The appetite of these buyers looks robust: they have a strong emotional connection to their motherland and plan to use the properties in the future, notes the technology-led real estate services firm.
The frenzy has put stocks of top developers in India into overdrive. Shares of $24 billion DLF DLF.NS, the largest listed real estate company in India, soared 57% in the past one year and those of Macrotech Developers MACE.NS - part of the Lodha group – jumped 53%. Over that period, the Nifty Realty Index .NIFTYREAL has outperformed the broader Nifty 50 benchmark .NSEI by 47 percentage points. Investors this week placed bids worth $39 bln for the initial public offering of Bajaj Housing Finance BAJO.NS, a mortgage lender focusing on well-heeled borrowers. By contrast, new launches of affordable property are stagnating as overall consumption in the economy remains subdued.
The luxury boom, and non-resident Indian purchases, matter because property is an important source of overall investment - which accounts for about a third of GDP. Private real estate demand, including for dwellings, was leading the uptick in investment, more than public capital expenditure, HSBC economist Pranjul Bhandari pointed out in a research note in March.
India’s blistering economic expansion is starting to moderate; GDP growth slowed to 6.7% in the April to June quarter. Demand for luxury housing is easing to a less frothy pace too: new launches will rise about 27% year-on-year in the current financial year, per ICRA. Overseas Indians will remain important buyers, however. They send remittances to the country and answer official calls to purchase diaspora bonds, issued by the government at times of crisis. Now they are flattering investment too.
Follow @ujjainidutta_
CONTEXT NEWS
New launches of luxury homes in India by saleable area hit 231 million square feet, up 48% year-on-year in financial year 2024, according to ICRA, a ratings agency majority-owned by Moody's.
Graphic: India's diaspora is snapping up property back home https://reut.rs/3Ba4Jdz
(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/
[email protected]))
Aug 27 (Reuters) - ICRA Ltd ICRA.NS:
ADITYA BIRLA SUN LIFE MUTUAL FUND CUTS STAKE IN CO TO 4.4853% FROM 6.8862%
Source text for Eikon: ID:nBSE5dzc8k
Further company coverage: ICRA.NS
(([email protected];))
Aug 27 (Reuters) - ICRA Ltd ICRA.NS:
ADITYA BIRLA SUN LIFE MUTUAL FUND CUTS STAKE IN CO TO 4.4853% FROM 6.8862%
Source text for Eikon: ID:nBSE5dzc8k
Further company coverage: ICRA.NS
(([email protected];))
Updates with details and comments
Aug 8 (Reuters) - India's fuel consumption rose by more than 7% year-on-year to 19.653 million metric tons in July, oil ministry data showed on Thursday, driven by increased air travel and overall economic growth.
WHY IT IS IMPORTANT
India is the third-largest consumer and importer of oil. The data is a proxy for the country's oil demand.
KEY QUOTE
There has been a significant increase in jet fuel consumption, along with similar trends in petrol and diesel, said Prashant Vasisht, vice president and co-head, corporate ratings at the India Credit Rating Agency (ICRA), adding that the annual rise can be attributed to overall economic growth and the surge in air travel.
On a month-on-month basis, the trend is not very significant, likely due to the impact of the monsoon, when industrial demand typically declines, Vasisht added.
BY THE NUMBERS
Fuel demand was down 1.7% on a monthly basis from the 20 million metric tons consumed in June, data from the Petroleum Planning and Analysis Cell's (PPAC) website showed.
Sales of diesel, mainly used by trucks and commercially run passenger vehicles, rose 4.4% from a year earlier to 7.196 million tons in July. It was down nearly 10% on a monthly basis.
Sales of gasoline or petrol rose more than 10% from the previous year to 3.30 million tons, but were little changed from June.
Jet fuel demand jumped 9.2% on a yearly basis and 2.8% from the previous month.
Demand for bitumen, used for making roads, declined by over 1% annually.
Cooking gas, or liquefied petroleum gas, sales rose 10% to 2.63 million tons, while naphtha sales gained 11% to about 1.16 million tons, compared with last July, the data showed.
Fuel oil use increased by 6.4% year-on-year in July.
CONTEXT
India is set to receive above-average monsoon rainfall, a top weather official said last week.
India's manufacturing activity expanded at a solid pace in July, according to a survey.
DOMESTIC SALES (in million tons)
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
JULY | JUNE | MAY | JULY | JUNE | MAY | |
Diesel | 7.20 | 7.99 | 8.41 | 6.89 | 7.91 | 8.22 |
Petrol | 3.30 | 3.30 | 3.46 | 2.98 | 3.15 | 3.35 |
LPG | 2.63 | 2.31 | 2.41 | 2.39 | 2.23 | 2.35 |
Naphtha | 1.16 | 1.08 | 1.09 | 1.04 | 1.06 | 1.16 |
Jet Fuel | 0.73 | 0.71 | 0.74 | 0.66 | 0.64 | 0.67 |
Kerosene | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 | 0.04 |
Fuel Oil | 0.53 | 0.54 | 0.62 | 0.56 | 0.51 | 0.60 |
Bitumen | 0.51 | 0.78 | 0.94 | 0.51 | 0.75 | 0.86 |
TOTAL | 19.65 | 20.00 | 21.08 | 18.29 | 19.48 | 20.69 |
NOTES:
Totals may not tally because all items are not included in the table and numbers are rounded up or down. Few numbers for previous months have been revised.
(Reporting by Ashitha Shivaprasad and Daksh Grover in Bengaluru; Editing by Sonali Paul and Mark Potter)
(([email protected];))
Updates with details and comments
Aug 8 (Reuters) - India's fuel consumption rose by more than 7% year-on-year to 19.653 million metric tons in July, oil ministry data showed on Thursday, driven by increased air travel and overall economic growth.
WHY IT IS IMPORTANT
India is the third-largest consumer and importer of oil. The data is a proxy for the country's oil demand.
KEY QUOTE
There has been a significant increase in jet fuel consumption, along with similar trends in petrol and diesel, said Prashant Vasisht, vice president and co-head, corporate ratings at the India Credit Rating Agency (ICRA), adding that the annual rise can be attributed to overall economic growth and the surge in air travel.
On a month-on-month basis, the trend is not very significant, likely due to the impact of the monsoon, when industrial demand typically declines, Vasisht added.
BY THE NUMBERS
Fuel demand was down 1.7% on a monthly basis from the 20 million metric tons consumed in June, data from the Petroleum Planning and Analysis Cell's (PPAC) website showed.
Sales of diesel, mainly used by trucks and commercially run passenger vehicles, rose 4.4% from a year earlier to 7.196 million tons in July. It was down nearly 10% on a monthly basis.
Sales of gasoline or petrol rose more than 10% from the previous year to 3.30 million tons, but were little changed from June.
Jet fuel demand jumped 9.2% on a yearly basis and 2.8% from the previous month.
Demand for bitumen, used for making roads, declined by over 1% annually.
Cooking gas, or liquefied petroleum gas, sales rose 10% to 2.63 million tons, while naphtha sales gained 11% to about 1.16 million tons, compared with last July, the data showed.
Fuel oil use increased by 6.4% year-on-year in July.
CONTEXT
India is set to receive above-average monsoon rainfall, a top weather official said last week.
India's manufacturing activity expanded at a solid pace in July, according to a survey.
DOMESTIC SALES (in million tons)
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
JULY | JUNE | MAY | JULY | JUNE | MAY | |
Diesel | 7.20 | 7.99 | 8.41 | 6.89 | 7.91 | 8.22 |
Petrol | 3.30 | 3.30 | 3.46 | 2.98 | 3.15 | 3.35 |
LPG | 2.63 | 2.31 | 2.41 | 2.39 | 2.23 | 2.35 |
Naphtha | 1.16 | 1.08 | 1.09 | 1.04 | 1.06 | 1.16 |
Jet Fuel | 0.73 | 0.71 | 0.74 | 0.66 | 0.64 | 0.67 |
Kerosene | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 | 0.04 |
Fuel Oil | 0.53 | 0.54 | 0.62 | 0.56 | 0.51 | 0.60 |
Bitumen | 0.51 | 0.78 | 0.94 | 0.51 | 0.75 | 0.86 |
TOTAL | 19.65 | 20.00 | 21.08 | 18.29 | 19.48 | 20.69 |
NOTES:
Totals may not tally because all items are not included in the table and numbers are rounded up or down. Few numbers for previous months have been revised.
(Reporting by Ashitha Shivaprasad and Daksh Grover in Bengaluru; Editing by Sonali Paul and Mark Potter)
(([email protected];))
July 23 (Reuters) - ICRA Ltd ICRA.NS:
ICRA JUNE-QUARTER CONSOL NET PROFIT 355.2 MILLION RUPEES
ICRA JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 1.15 BILLION RUPEES
Source text for Eikon: ID:nBSE1hZjTH
Further company coverage: ICRA.NS
(([email protected];))
July 23 (Reuters) - ICRA Ltd ICRA.NS:
ICRA JUNE-QUARTER CONSOL NET PROFIT 355.2 MILLION RUPEES
ICRA JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 1.15 BILLION RUPEES
Source text for Eikon: ID:nBSE1hZjTH
Further company coverage: ICRA.NS
(([email protected];))
MUMBAI, July 16 (Reuters) - India's REC RECM.NS has accepted bids aggregating to 60 billion rupees ($717.79 million) for bonds maturing in three years and one month, and in 11 years and one month, three bankers said on Tuesday.
The state-run company had invited coupon and commitment bids from bankers and investors earlier in the day.
Here is the list of deals reported so far on July 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
REC | 11 years and 1 month | 7.45 | 30 | July 16 | AAA (Icra) |
REC | 3 years and 1 month | 7.56 | 30 | July 16 | AAA (Icra) |
Tata Capital Housing Sep 2026 reissue | 2 years and 2 months | 8.03% (yield) | 1.50 | July 15 | AAA (Crisil, Icra) |
Tata Capital Housing Nov 2027 reissue | 3 years and 4 months | 8.03% (yield) | 1.90 | July 15 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.5900 Indian rupees)
(Reporting by Bhaki Tambe and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
MUMBAI, July 16 (Reuters) - India's REC RECM.NS has accepted bids aggregating to 60 billion rupees ($717.79 million) for bonds maturing in three years and one month, and in 11 years and one month, three bankers said on Tuesday.
The state-run company had invited coupon and commitment bids from bankers and investors earlier in the day.
Here is the list of deals reported so far on July 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
REC | 11 years and 1 month | 7.45 | 30 | July 16 | AAA (Icra) |
REC | 3 years and 1 month | 7.56 | 30 | July 16 | AAA (Icra) |
Tata Capital Housing Sep 2026 reissue | 2 years and 2 months | 8.03% (yield) | 1.50 | July 15 | AAA (Crisil, Icra) |
Tata Capital Housing Nov 2027 reissue | 3 years and 4 months | 8.03% (yield) | 1.90 | July 15 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.5900 Indian rupees)
(Reporting by Bhaki Tambe and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
MUMBAI, June 20 (Reuters) - India Grid Trust IGTR.NS plans to raise 6.50 billion rupees ($77.91 million), which includes a greenshoe option of 3 billion rupees, through the sale of bonds maturing in two years and eight months, three bankers said on Friday.
It will pay a coupon of 7.87%, payable on a quarterly basis, and has invited bids for the issue on Friday, the bankers said.
Here is the list of deals reported so far on June 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
India Grid Trust | 2 years and 8 months | 7.87 (quarterly) | 3.5+3 | June 21 | AAA (Crisil, Icra) |
Kotak Mahindra Prime | 3 years | To be decided | 5 | June 20 | AAA (Icra) |
NIIF Infra Finance | 5 years and 2 months | 8.07 | 5 | June 20 | AAA (ICRA, Careedge) |
*Size includes base plus greenshoe for some issues
($1 = 83.4340 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)
MUMBAI, June 20 (Reuters) - India Grid Trust IGTR.NS plans to raise 6.50 billion rupees ($77.91 million), which includes a greenshoe option of 3 billion rupees, through the sale of bonds maturing in two years and eight months, three bankers said on Friday.
It will pay a coupon of 7.87%, payable on a quarterly basis, and has invited bids for the issue on Friday, the bankers said.
Here is the list of deals reported so far on June 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
India Grid Trust | 2 years and 8 months | 7.87 (quarterly) | 3.5+3 | June 21 | AAA (Crisil, Icra) |
Kotak Mahindra Prime | 3 years | To be decided | 5 | June 20 | AAA (Icra) |
NIIF Infra Finance | 5 years and 2 months | 8.07 | 5 | June 20 | AAA (ICRA, Careedge) |
*Size includes base plus greenshoe for some issues
($1 = 83.4340 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)
Rewrites, adds expert quotes
By David Stanway and Siyi Liu
BEIJING, June 5 (Reuters) - China announced plans on Wednesday to better measure the carbon content of its products - a key step in reaching its own climate goals and meeting tougher carbon standards overseas.
The new "carbon footprint management system" detailed by the Ministry of Ecology and Environment will go into effect in 2027, setting standards for measuring carbon emissions for about 100 key products throughout the Chinese economy, according to a policy document.
At first, the Chinese calculation standards will apply to high-emitting products such as coal and natural gas as well as export products like steel, aluminium, lithium batteries and electric vehicles.
The ministry said it hoped to expand the guidance to 200 products by 2030.
It said the new standards would help drive low-carbon consumption, with local governments urged to develop pilot programmes and policies to encourage the use of lower-emissions products.
Analysts said the calculations could also play a key part of China's efforts to reduce emissions associated with product manufacturing – and avoid trade tensions and high import tariffs under the European Union's new carbon border tax.
The move shows China is working to catch up with EU legislation that already "has set clear rules on the measuring and disclosure of product carbon footprints," said director Ma Jun at the Institute of Public and Environmental Affairs in Beijing.
"China is a late-comer on that, so there are still some gaps to fill," Ma said.
The calculations could also help China create incentives for companies and individuals to reduce emissions, Ma said.
TRADE PRESSURE
With Europe's carbon border adjustment mechanism (CBAM) set to impose tariffs in 2026, countries outside the region have grown anxious about the possible hit to their manufacturing.
Some like South Africa have considered filing complaints with the World Trade Organization. Critics say the EU rules unfairly penalise exporters, and don't consider an exporting country's overall emissions-reductions efforts.
But moves such as China's to prepare companies to calculate their emissions could also be a precursor to launching their own low-carbon rules – effectively keeping those taxes on high emissions within the country, analysts said.
In India, where officials have criticised the CBAM as a trade barrier, there has been discussion among policymakers about whether existing taxes on the steel industry should be redesignated as carbon taxes, said Ritabrata Ghosh, vice president of ICRA Ltd, an Indian investment information and credit rating agency.
"Whether this sees the light of day remains to be seen," Ghosh said.
It is unclear if China is considering its own carbon tax regime, but it has said it wants to expand the trading of carbon credits to sectors such as steel and cement.
Wednesday's plan said China would pay close attention to carbon-related trade policies around the world and push for the international alignment of carbon footprint standards.
"It is about measuring (emissions) in a scientific way and a fair way," said Ma, whose organisation has compiled a carbon footprint database of more than 2,000 products in China.
(Reporting by David Stanway in Singapore and Siyi Liu in Beijing; Additional reporting by Albee Zhang and Ryan Woo in Beijing, and Simon Jessop in London; Editing by Katy Daigle, Rashmi Aich and Mark Potter)
(([email protected];))
Rewrites, adds expert quotes
By David Stanway and Siyi Liu
BEIJING, June 5 (Reuters) - China announced plans on Wednesday to better measure the carbon content of its products - a key step in reaching its own climate goals and meeting tougher carbon standards overseas.
The new "carbon footprint management system" detailed by the Ministry of Ecology and Environment will go into effect in 2027, setting standards for measuring carbon emissions for about 100 key products throughout the Chinese economy, according to a policy document.
At first, the Chinese calculation standards will apply to high-emitting products such as coal and natural gas as well as export products like steel, aluminium, lithium batteries and electric vehicles.
The ministry said it hoped to expand the guidance to 200 products by 2030.
It said the new standards would help drive low-carbon consumption, with local governments urged to develop pilot programmes and policies to encourage the use of lower-emissions products.
Analysts said the calculations could also play a key part of China's efforts to reduce emissions associated with product manufacturing – and avoid trade tensions and high import tariffs under the European Union's new carbon border tax.
The move shows China is working to catch up with EU legislation that already "has set clear rules on the measuring and disclosure of product carbon footprints," said director Ma Jun at the Institute of Public and Environmental Affairs in Beijing.
"China is a late-comer on that, so there are still some gaps to fill," Ma said.
The calculations could also help China create incentives for companies and individuals to reduce emissions, Ma said.
TRADE PRESSURE
With Europe's carbon border adjustment mechanism (CBAM) set to impose tariffs in 2026, countries outside the region have grown anxious about the possible hit to their manufacturing.
Some like South Africa have considered filing complaints with the World Trade Organization. Critics say the EU rules unfairly penalise exporters, and don't consider an exporting country's overall emissions-reductions efforts.
But moves such as China's to prepare companies to calculate their emissions could also be a precursor to launching their own low-carbon rules – effectively keeping those taxes on high emissions within the country, analysts said.
In India, where officials have criticised the CBAM as a trade barrier, there has been discussion among policymakers about whether existing taxes on the steel industry should be redesignated as carbon taxes, said Ritabrata Ghosh, vice president of ICRA Ltd, an Indian investment information and credit rating agency.
"Whether this sees the light of day remains to be seen," Ghosh said.
It is unclear if China is considering its own carbon tax regime, but it has said it wants to expand the trading of carbon credits to sectors such as steel and cement.
Wednesday's plan said China would pay close attention to carbon-related trade policies around the world and push for the international alignment of carbon footprint standards.
"It is about measuring (emissions) in a scientific way and a fair way," said Ma, whose organisation has compiled a carbon footprint database of more than 2,000 products in China.
(Reporting by David Stanway in Singapore and Siyi Liu in Beijing; Additional reporting by Albee Zhang and Ryan Woo in Beijing, and Simon Jessop in London; Editing by Katy Daigle, Rashmi Aich and Mark Potter)
(([email protected];))
** Shares of ICRA Limited ICRA.NS rose as much as ~19% to a record high of 6450 rupees, before trimming gains to last trade 5% higher
** Investment information and credit rating agency's Q4 consol net profit rose 22% Y/Y; rev up ~14%
** Co also declared dividend of 100 rupees/shr
** ICRA sees busiest day in nearly 9 months, with 63,000 shares traded, 12x its 30-day avg
** Stock up 1% YTD
(Reporting by Aleef Jahan in Bengaluru)
** Shares of ICRA Limited ICRA.NS rose as much as ~19% to a record high of 6450 rupees, before trimming gains to last trade 5% higher
** Investment information and credit rating agency's Q4 consol net profit rose 22% Y/Y; rev up ~14%
** Co also declared dividend of 100 rupees/shr
** ICRA sees busiest day in nearly 9 months, with 63,000 shares traded, 12x its 30-day avg
** Stock up 1% YTD
(Reporting by Aleef Jahan in Bengaluru)
ICRA Ltd ICRA.NS:
ICRA LTD -UNIT ICRA ANALYTICS RECOMMENDED A DIVIDEND OF 27 RUPEES PER SHARE
Source text for Eikon: ID:nBSE7pZHFx
Further company coverage: ICRA.NS
ICRA Ltd ICRA.NS:
ICRA LTD -UNIT ICRA ANALYTICS RECOMMENDED A DIVIDEND OF 27 RUPEES PER SHARE
Source text for Eikon: ID:nBSE7pZHFx
Further company coverage: ICRA.NS
MUMBAI, March 12 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 27.54 billion rupees ($332.81 million) for bonds maturing in three years and one month, three bankers said on Tuesday.
The state-run company has set a coupon of 7.55% on this bond issue, for which it had invited bids earlier in the day.
In February, the company had raised 60 billion rupees through the sale of bonds maturing in five years and two months, and in 10 years at 7.60% and 7.49% coupons, respectively.
Here is the list of deals reported so far on March 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
PFC | 3 years and 1 month | 7.55 | 27.54 | March 12 | AAA (Crisil, Icra) |
IREDA | 5 years and 2 months | To be decided | 3+7 | March 14 | AAA (ICRA, India Ratings) |
M&M Financial March 2027 reissue | 3 years | To be decided | 5+15 | March 13 | AAA (Crisil, India Ratings) |
NIIF Infra Finance | 12 years | To be decided | 2.5+3.5 | March 13 | AAA (ICRA, Careedge) |
DMI Finance | 3 years | 9.80 | 4.64 | March 11 | AA (ICRA) |
Ramco Cements | 4 years and 6 months | 7.80 | 1.50 | March 11 | AA+ (ICRA) |
Ramco Cements | 4 years and 9 months | 7.80 | 1.50 | March 11 | AA+ (ICRA) |
Ramco Cements | 5 years | 7.80 | 2 | March 11 | AA+ (ICRA) |
* Size includes base plus greenshoe for some issues
($1 = 82.7510 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia)
MUMBAI, March 12 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 27.54 billion rupees ($332.81 million) for bonds maturing in three years and one month, three bankers said on Tuesday.
The state-run company has set a coupon of 7.55% on this bond issue, for which it had invited bids earlier in the day.
In February, the company had raised 60 billion rupees through the sale of bonds maturing in five years and two months, and in 10 years at 7.60% and 7.49% coupons, respectively.
Here is the list of deals reported so far on March 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
PFC | 3 years and 1 month | 7.55 | 27.54 | March 12 | AAA (Crisil, Icra) |
IREDA | 5 years and 2 months | To be decided | 3+7 | March 14 | AAA (ICRA, India Ratings) |
M&M Financial March 2027 reissue | 3 years | To be decided | 5+15 | March 13 | AAA (Crisil, India Ratings) |
NIIF Infra Finance | 12 years | To be decided | 2.5+3.5 | March 13 | AAA (ICRA, Careedge) |
DMI Finance | 3 years | 9.80 | 4.64 | March 11 | AA (ICRA) |
Ramco Cements | 4 years and 6 months | 7.80 | 1.50 | March 11 | AA+ (ICRA) |
Ramco Cements | 4 years and 9 months | 7.80 | 1.50 | March 11 | AA+ (ICRA) |
Ramco Cements | 5 years | 7.80 | 2 | March 11 | AA+ (ICRA) |
* Size includes base plus greenshoe for some issues
($1 = 82.7510 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia)
MUMBAI, Feb 16 (Reuters) - India's Bank of Baroda BOB.NS plans to raise up to 25 billion rupees ($301.15 million), including a greenshoe of 15 billion rupees, via tier-II bonds maturing in 10 years and has invited bids for the same on Wednesday, three bankers said on Friday.
The bonds have a call option at the end of the fifth year.
In December, the lender had raised 25 billion rupees by issuing tier-II bonds maturing in 10 years at a coupon of 7.75%.
Here is the list of deals reported so far on Feb. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bank of Baroda | 10 years | To be decided | 10+15 | Feb. 21 | AAA (Crisil, India Ratings) |
REC | 3 years and 2 months | To be decided | 5+25 | Feb. 21 | AAA (India Ratings, Icra) |
REC | 10 years | To be decided | 5+20 | Feb. 21 | AAA (India Ratings, Icra) |
Tata Capital Housing Finance | 3 years | 8.10 | 5+8 | Feb. 20 | AAA(Crisil, Icra) |
LIC Housing Finance Feb 2034 reissue | 10 years | To be decided | 12+18 | Feb. 20 | AAA (Crisil, Careedge) |
PFC | 5 years and 2 months | To be decided | 5+25 | Feb. 20 | AAA (Crisil, Icra) |
PFC | 10 years | To be decided | 5+25 | Feb. 20 | AAA (Crisil, Icra) |
HDB Financial Services | 3 years and 2 months | 8.2378 | 1+5 | Feb. 16 | AAA (Crisil, Careedge) |
HDB Financial Services Nov 2028 reissue | 4 years and 9 months | To be decided | 1+1.50 | Feb. 16 | AAA (Crisil, Careedge) |
* Size includes base plus greenshoe for some issues
($1 = 83.0150 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Rashmi Aich)
MUMBAI, Feb 16 (Reuters) - India's Bank of Baroda BOB.NS plans to raise up to 25 billion rupees ($301.15 million), including a greenshoe of 15 billion rupees, via tier-II bonds maturing in 10 years and has invited bids for the same on Wednesday, three bankers said on Friday.
The bonds have a call option at the end of the fifth year.
In December, the lender had raised 25 billion rupees by issuing tier-II bonds maturing in 10 years at a coupon of 7.75%.
Here is the list of deals reported so far on Feb. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bank of Baroda | 10 years | To be decided | 10+15 | Feb. 21 | AAA (Crisil, India Ratings) |
REC | 3 years and 2 months | To be decided | 5+25 | Feb. 21 | AAA (India Ratings, Icra) |
REC | 10 years | To be decided | 5+20 | Feb. 21 | AAA (India Ratings, Icra) |
Tata Capital Housing Finance | 3 years | 8.10 | 5+8 | Feb. 20 | AAA(Crisil, Icra) |
LIC Housing Finance Feb 2034 reissue | 10 years | To be decided | 12+18 | Feb. 20 | AAA (Crisil, Careedge) |
PFC | 5 years and 2 months | To be decided | 5+25 | Feb. 20 | AAA (Crisil, Icra) |
PFC | 10 years | To be decided | 5+25 | Feb. 20 | AAA (Crisil, Icra) |
HDB Financial Services | 3 years and 2 months | 8.2378 | 1+5 | Feb. 16 | AAA (Crisil, Careedge) |
HDB Financial Services Nov 2028 reissue | 4 years and 9 months | To be decided | 1+1.50 | Feb. 16 | AAA (Crisil, Careedge) |
* Size includes base plus greenshoe for some issues
($1 = 83.0150 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Rashmi Aich)
** Shares of ICRA ICRA.NS fall as much as 3.6% to 5,401 rupees, lowest since Nov. 10
** The investment information and credit rating agency said on Tuesday its third-quarter consolidated net profit fell over 17% Y/Y
** Consol rev from ops rose 11.2%, but was overshadowed by an over 30% jump in total expenses
** Stock slips below 50-day and 100-day simple moving averages
** Stock had gained ~27% in 2023 and 4.3% in the Dec-qtr
(Reporting by Ashna Teresa Britto)
(([email protected] ; ( +91 8078332441))
** Shares of ICRA ICRA.NS fall as much as 3.6% to 5,401 rupees, lowest since Nov. 10
** The investment information and credit rating agency said on Tuesday its third-quarter consolidated net profit fell over 17% Y/Y
** Consol rev from ops rose 11.2%, but was overshadowed by an over 30% jump in total expenses
** Stock slips below 50-day and 100-day simple moving averages
** Stock had gained ~27% in 2023 and 4.3% in the Dec-qtr
(Reporting by Ashna Teresa Britto)
(([email protected] ; ( +91 8078332441))
Jan 23 (Reuters) - ICRA Ltd ICRA.NS:
DEC-QUARTER CONSOL NET PROFIT 321.5 MILLION RUPEES VERSUS PROFIT 388.8 MILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 1.15 BILLION RUPEES VERSUS 1.03 BILLION RUPEES
Source text for Eikon: ID:nBSE7gSHDR
Further company coverage: ICRA.NS
(([email protected];))
Jan 23 (Reuters) - ICRA Ltd ICRA.NS:
DEC-QUARTER CONSOL NET PROFIT 321.5 MILLION RUPEES VERSUS PROFIT 388.8 MILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 1.15 BILLION RUPEES VERSUS 1.03 BILLION RUPEES
Source text for Eikon: ID:nBSE7gSHDR
Further company coverage: ICRA.NS
(([email protected];))
Jan 16 (Reuters) - ICRA Ltd ICRA.NS:
UNIT APPROVED PROPOSAL TO INVEST UPTO 55 MILLION RUPEES IN PREFERENCE SHARES OF D2K TECHNOLOGIES INDIA
ACQUISITION IS EXPECTED TO BE COMPLETED IN ONE MONTH
Source text for Eikon: ID:nBSE9XnDKy
Further company coverage: ICRA.NS
(([email protected];))
Jan 16 (Reuters) - ICRA Ltd ICRA.NS:
UNIT APPROVED PROPOSAL TO INVEST UPTO 55 MILLION RUPEES IN PREFERENCE SHARES OF D2K TECHNOLOGIES INDIA
ACQUISITION IS EXPECTED TO BE COMPLETED IN ONE MONTH
Source text for Eikon: ID:nBSE9XnDKy
Further company coverage: ICRA.NS
(([email protected];))
** Shares of state-owned Union Bank of India UNBK.NS rise as much as 2.4% to 108.65 rupees
** Credit rating agency ICRA on Thursday upgraded bank's long-term rating to AAA from AA+, revised outlook to 'stable' from 'positive'
** ICRA cites sustained improvement in UNBK earnings, driven by lower new bad additions, healthy recoveries, moderation in credit costs
** ICRA expects bank to remain sufficiently capitalised with no need for regulatory, growth capital requirements
** Performance of UNBK's vulnerable book a near-to-medium-term monitorable, but bank well placed to absorb shocks through operating profitability - ICRA
** UNBK in Oct reported Q2 profit up 90% to 35.11 bln rupees ($421.77 mln), vs analysts' estimates of 28.75 bln rupees, with gross bad loans easing sharply to 6.38% from 7.34% in prev qtr
** Stock up 7.6% since reporting results; YTD gains at ~33%, vs ~16% rise in Nifty PSU bank index .NIFTYPSU
($1 = 83.2440 Indian rupees)
(Reporting by Chris Thomas in Bengaluru)
(([email protected]; +91-80-6749-8695; Reuters Messaging: [email protected]))
** Shares of state-owned Union Bank of India UNBK.NS rise as much as 2.4% to 108.65 rupees
** Credit rating agency ICRA on Thursday upgraded bank's long-term rating to AAA from AA+, revised outlook to 'stable' from 'positive'
** ICRA cites sustained improvement in UNBK earnings, driven by lower new bad additions, healthy recoveries, moderation in credit costs
** ICRA expects bank to remain sufficiently capitalised with no need for regulatory, growth capital requirements
** Performance of UNBK's vulnerable book a near-to-medium-term monitorable, but bank well placed to absorb shocks through operating profitability - ICRA
** UNBK in Oct reported Q2 profit up 90% to 35.11 bln rupees ($421.77 mln), vs analysts' estimates of 28.75 bln rupees, with gross bad loans easing sharply to 6.38% from 7.34% in prev qtr
** Stock up 7.6% since reporting results; YTD gains at ~33%, vs ~16% rise in Nifty PSU bank index .NIFTYPSU
($1 = 83.2440 Indian rupees)
(Reporting by Chris Thomas in Bengaluru)
(([email protected]; +91-80-6749-8695; Reuters Messaging: [email protected]))
Nov 20 (Reuters) - ICRA Ltd ICRA.NS:
AWARD ISSUED BY ARBITRAL TRIBUNAL IN MATTER OF ARBITRATION BETWEEN CO AND NARESH TAKKAR
EXPECTED FINANCIAL IMPACT BASED ON MAJORITY AWARD WOULD BE ABOUT 90 MILLION RUPEES
Source text for Eikon: ID:nBSEnXGmH
Further company coverage: ICRA.NS
(([email protected];;))
Nov 20 (Reuters) - ICRA Ltd ICRA.NS:
AWARD ISSUED BY ARBITRAL TRIBUNAL IN MATTER OF ARBITRATION BETWEEN CO AND NARESH TAKKAR
EXPECTED FINANCIAL IMPACT BASED ON MAJORITY AWARD WOULD BE ABOUT 90 MILLION RUPEES
Source text for Eikon: ID:nBSEnXGmH
Further company coverage: ICRA.NS
(([email protected];;))
** Shares of ICRA Ltd ICRA.NS fall as much as 6.7% to 5,239.1 rupees, steepest intraday decline since April 12, 2021
** The investment information and credit rating agency reported on Friday its second-qtr consolidated net profit fell 13.5% to 317.7 mln rupees ($3.82 million)
** Co hurt by fall in rev from its consulting services segment, expenses surged during the qtr
** More than 7,957 shares change hands by 12:35 p.m. IST vs 1.8x 30-day avg of 4,452 shares
** Stock currently down 6% trimming YTD gains to 18%
($1 = 83.1525 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
** Shares of ICRA Ltd ICRA.NS fall as much as 6.7% to 5,239.1 rupees, steepest intraday decline since April 12, 2021
** The investment information and credit rating agency reported on Friday its second-qtr consolidated net profit fell 13.5% to 317.7 mln rupees ($3.82 million)
** Co hurt by fall in rev from its consulting services segment, expenses surged during the qtr
** More than 7,957 shares change hands by 12:35 p.m. IST vs 1.8x 30-day avg of 4,452 shares
** Stock currently down 6% trimming YTD gains to 18%
($1 = 83.1525 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
Aug 3 (Reuters) - ICRA Ltd ICRA.NS:
ICRA LTD JUNE-QUARTER CONSOL NET PROFIT 403.1 MILLION RUPEES VERSUS 212.5 MILLION RUPEES
ICRA LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 1.03 BILLION RUPEES VERSUS 925.2 MILLION RUPEES
Source text for Eikon: ID:nBSE6Hbxsh
Further company coverage: ICRA.NS
(([email protected];))
Aug 3 (Reuters) - ICRA Ltd ICRA.NS:
ICRA LTD JUNE-QUARTER CONSOL NET PROFIT 403.1 MILLION RUPEES VERSUS 212.5 MILLION RUPEES
ICRA LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 1.03 BILLION RUPEES VERSUS 925.2 MILLION RUPEES
Source text for Eikon: ID:nBSE6Hbxsh
Further company coverage: ICRA.NS
(([email protected];))
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Popular questions
- Business
- Financials
- Share Price
- Shareholdings
What does ICRA do?
ICRA Limited, established in 1991, is a leading independent investment information and credit rating agency in India with subsidiaries in various financial services sectors.
Who are the competitors of ICRA?
ICRA major competitors are Care Ratings, CRISIL. Market Cap of ICRA is ₹5,063 Crs. While the median market cap of its peers are ₹16,943 Crs.
Is ICRA financially stable compared to its competitors?
ICRA seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does ICRA pay decent dividends?
The company seems to pay a good stable dividend. ICRA latest dividend payout ratio is 55.83% and 3yr average dividend payout ratio is 51.26%
How has ICRA allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is ICRA balance sheet?
Balance sheet of ICRA is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of ICRA improving?
Yes, profit is increasing. The profit of ICRA is ₹182 Crs for Mar 2026, ₹170 Crs for Mar 2025 and ₹151 Crs for Mar 2024
Is the debt of ICRA increasing or decreasing?
Yes, The net debt of ICRA is increasing. Latest net debt of ICRA is -₹84.35 Crs as of Mar-26. This is greater than Mar-25 when it was -₹561.89 Crs.
Is ICRA stock expensive?
ICRA is not expensive. Latest PE of ICRA is 27.89, while 3 year average PE is 35.54. Also latest EV/EBITDA of ICRA is 23.35 while 3yr average is 32.3.
Has the share price of ICRA grown faster than its competition?
ICRA has given lower returns compared to its competitors. ICRA has grown at ~2.92% over the last 10yrs while peers have grown at a median rate of 5.0%
Is the promoter bullish about ICRA?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 51.87% and last quarter promoter holding is 51.86%.
Are mutual funds buying/selling ICRA?
The mutual fund holding of ICRA is decreasing. The current mutual fund holding in ICRA is 19.84% while previous quarter holding is 20.66%.