ICRA

** 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:

*Size includes base plus greenshoe for some issues

(Reporting by Dharamraj Dhutia)

(([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];))

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.

(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];))

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)

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];))

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:

*Size includes base plus greenshoe for some issues

($1 = 83.5900 Indian rupees)

(Reporting by Bhaki Tambe and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected]))

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:

*Size includes base plus greenshoe for some issues

($1 = 83.4340 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)

(([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)

(([email protected]))

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 JSW Steel JSTL.NS has accepted bids worth 5 billion rupees ($60.4 million) for bonds maturing in three years and two months, three merchant bankers said on Tuesday.

The steel company will pay a coupon of 8.39% on this issue, for which it had invited bids from investors and bankers earlier in the day.

The issue has a call option at the end of three years.

Here is the list of deals reported so far on March 12:

* Size includes base plus greenshoe for some issues

($1 = 82.7412 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

(([email protected]))

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:

* Size includes base plus greenshoe for some issues

($1 = 83.0150 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Rashmi Aich)

(([email protected]))

** 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:

• TO JOIN ASSOCIATION OF INDIAN RATING AGENCIES

• JOINING BY WAY OF SUBSCRIBING TO THEIR SHARES UPTO 20% OF SHARE CAPITAL OF AIRA

Source text for Eikon: ID:nBSE7DjTQn

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]))

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))

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];))

MUMBAI, July 6 (Reuters) - A summary of primary market corporate bond deals in India as of 6 p.m. IST (1230 GMT) on July 6. Please note the list includes deals reported by Reuters and is not exhaustive.

Below is the list of deals reported so far on July 6:

*Size includes base plus greenshoe for some issuances

(Reporting by Bhakti Tambe)

(([email protected]))

MUMBAI, June 8 (Reuters) - A summary of primary market corporate debt deals in India as of 1800 IST (1230 GMT) on June 8. Please note the list includes deals reported by Reuters and is not exhaustive.

Below is the list of deals reported so far on June 8:

*Size includes base plus greenshoe for some issuance

($1 = 82.5525 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Shinjini Ganguli)

(([email protected]))

May 24 (Reuters) - ICRA Ltd ICRA.NS:

• ICRA LTD - DIVIDEND OF 40 RUPEES PER SHARE

• INDIA'S ICRA LTD MARCH-QUARTER CONSOL NET PROFIT 383.7 MILLION RUPEES VERSUS 334.1 MILLION RUPEES

• ICRA LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 1.09 BILLION RUPEES VERSUS 937.1 MILLION RUPEES

Source text for Eikon: ID:nBSE2ZFMcp

Further company coverage: ICRA.NS

(([email protected];))

May 16 (Reuters) - ICRA Ltd ICRA.NS:

• UNIT ICRA ANALYTICS RECOMMENDED A DIVIDEND OF 27 RUPEES PER SHARE

Source text for Eikon: ID:nBSE6RMKtz

Further company coverage: ICRA.NS

(([email protected];))