Fitch Financial News

IIFL Finance, a prominent NBFC specialising in retail credit, have experienced a significant decline in their wealth as the company's shares have plummeted sharply after the RBI imposed restrictions on its gold loan disbursements, raising concerns about liquidity among investors and lenders. Over the past 12 trading sessions, the company has witnessed a substantial decline in its share price, plummeting from ₹597 per share to the current trading price of ₹336, marking a steep decrease of 44%.

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Azure Power Global Limited, India’s first renewable energy company to have listed in the US, is exploring a possible stake sale to a strategic partner or even a complete sale of the business, two people aware of the development said. The company has called a special meeting of shareholders on 20 March at its Gurugram office, according to a 9 February statement. Azure Power, which listed on the New York Stock Exchange in 2016 and subsequently delisted in 2023, has backers in Canadian pension funds Caisse de dépôt et placement du Québec (CDPQ) and Ontario Municipal Employees’ Retirement System (OMERS), which hold 53.4% and 21.4% stake, respectively, in the company.

Indian stock market remains attractive, say experts, suggest stocks to buy for long term Recently Fitch Ratings has raised its forecast for India's economic growth to 7 per cent for the next financial year (FY25). The ratings agency underscored that India witnessed a GDP growth of more than 8 per cent for three consecutive quarters and the growth growth momentum may slightly moderate in the final quarter of the current fiscal year due to which, India's growth could come at about 7.8 per cent for FY24.

Why is Indian stock market falling today — explained with 5 reasons Amidst this, India's robust domestic macro outlook persists, reinforcing its status as an appealing destination for long-term investment gains. Consequently, analysts have been advocating the acquisition of high-quality stocks following the market downturn. Fitch Ratings raised India’s GDP growth estimates for FY24 and FY25 on Thursday, citing growing domestic demand and improved business and consumer confidence.

The largest industrial wood pellet supplier in the world has filed for Chapter 11 bankruptcy

Paytm: On the eve of the March 15 deadline for Paytm Payments Bank to cease operations, Paytm secured a third-party application provider license from the National Payments Corporation of India on Thursday. This license will offer an alternative payment method to Paytm's customers via its app, following the shutdown of its banking division, Paytm Payments Bank, due to regulatory non-compliance. In related news, there are reports suggesting a potential 20% reduction in team sizes at Paytm.

Singtel) has sold a 0.8% stake in Bharti Airtel to US investment firm GQG Partners for about ₹5,884.8 crore (S$950 million) as part of its value unlocking strategy and to raise funds for other ventures like data centres. Singtel, through its wholly-owned subsidiary Pastel, sold 49 million shares of Bharti Airtel at ₹ 1,193.7 apiece. Shares of Airtel touched a 52-week high of ₹1,213.05 apiece on the BSE on Thursday. They closed nearly 1% higher at ₹ 1,203.50 apiece.

By Moira Warburton

ALSO READ: Fed’s Jerome Powell to double down on ‘no rush to cut’ message Data on factory orders for January and a report on ISM services for February will be released on March 5. Fed chair Jerome Powell’s congressional testimony is scheduled for two days March 6 and 7. March 7 will also see the release of data on US trade balance for January.

Fitch, a credit rating agency, expects the US government deficit to improve slightly in 2024, narrowing to 8 per cent of GDP from 8.8 per cent in 2023. This forecast is based on anticipated factors including rising government revenue, reduced spending compared to 2023, and the absence of a repeat of the large one-off spending on deposit insurance seen in 2023. "The interest burden, however, will continue to grow given the higher debt burden and impact of higher rates," Fitch added.

Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default rating (IDR) of Tata Chemicals to “stable” from “positive" while affirming the rating at 'BB+'. The revision in the outlook is based on the view that the global soda ash industry will remain oversupplied for longer than previously anticipated.

China has rolled over a $2 billion loan to Pakistan, caretaker finance minister Shamshad Akhtar confirmed in a response to Reuters on Thursday. The $2 billion loan was due in March and has been extended for one year, Geo News which first reported the news said, citing sources in the Pakistan finance ministry. Beijing had communicated the decision to Islamabad, it added.

Fitch Ratings, as reported by ANI. Both petrol and diesel sales saw robust 4-6 per cent increases in the first nine months of 2023-24, driven by heightened economic activities in the agriculture and power sectors, as well as a surge in holiday travel and auto sales.

Moody's downgraded Israel's credit rating Friday due to the impact of its ongoing conflict with Hamas in Gaza, lowering it by one notch from A1 to A2. In a statement, Moody's said it had done so after assessing that "the ongoing military conflict with Hamas, its aftermath and wider consequences materially raise the political risk for Israel as well as weaken its executive and legislative institutions and its fiscal strength, for the foreseeable future." The ratings agency also lowered its outlook for Israel's debt to "negative" due to "the risk of an escalation" with the far more powerful Lebanese militant group Hezbollah that operates along its northern border.

MacroPolicy Perspectives founder and President Julia Coronado discusses whether another regional banking crisis is coming on Making Money.

Investing.com-- CITIC Securities Co Ltd (SS:600030), China’s biggest brokerage, restricted short-selling for some clients amid growing, outsized losses in local stock markets, Bloomberg reported on Friday citing people with knowledge of the matter.

Abercrombie & Fitch (A&F) sexually exploited men at events he hosted across the globe. A civil lawsuit against Mike Jeffries and his British partner also claimed that they operated a sex-trafficking business, according to a report published by BBC. Currently, the federal investigating agency is interviewing and issuing subpoenas to potential witnesses.

Fitch Ratings Tuesday affirmed India’s rating at ‘BBB-‘ with a stable outlook, underpinned by strong domestic and external fundamentals. “India's rating is underpinned by a robust medium-term GDP growth outlook and sound external finances, which remain intact as the country has effectively navigated a fraught external environment in the past few years,” the global rating agency noted. The global rating agency also revised its growth forecast for the year upwards to 6.9% from the 6% projected earlier. It pointed out that India will remain the fastest-growing economy in the next few years as economic momentum proves resilient, projecting 6.5% growth in the coming fiscal. “Investment is likely to remain a key growth driver, as the government's capex drive is likely to continue, and private investment should accelerate gradually. Consumption is likely to moderate further in the near term due to reduced household savings buffers,” Fitch said. The first official estimates released by the government earlier this month pegged the country’s growth at 7.3%, driven by a higher investment rate. Fitch noted that the government’s infrastructure push, a strong private investment outlook and favourable dynamics will keep the country’s potential growth at 6.2%. “The improved health of bank and corporate balance sheets should pave the way for a positive investment cycle.

(Reuters) — Chesapeake Energy (NYSE:CHK) said on Thursday it would buy smaller rival Southwestern Energy (NYSE:SWN) in an all-stock transaction valued at $7.4 billion, a deal that would enable the second-largest U.S. natural gas producer to take the top spot.

FreedomWorks chief economist Steve Moore joins The Bottom Line to weigh in on the Biden White house blaming the GOP for 90% of the national debt increase.