Moodys Financial News

By Saeed Azhar and Niket Nishant

(Reuters) -Fitch on Tuesday placed Israel's sovereign debt rating of «A+» on rating watch negative and warned a major escalation of the ongoing conflict with the Palestinian Islamist group Hamas could result in a negative rating action.

By Saeed Azhar and Nupur Anand

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

(Correct to reflect Israel Bonds had nearly reached its annual target in paragraph 8)

International Monetary Fund (IMF) has bumped up India's growth forecast for FY24 to 6.3% from 6.1% estimated earlier, hailing the country as one of the «growth engines in the world economy». The upward revision reflects «stronger-than-expected consumption during April-June», IMF said in the World Economic Outlook (WEO) released Tuesday. The outlook for FY25 is unchanged at 6.3%. IMF's upgrade is the latest after other forecasters including Moody's, Morgan Stanley, and Nomura raised their FY24 growth estimates for India.

₹3.3/litre in 2QFY24 from the record high of ₹8.8/litre in 1QFY24. Crude oil prices rose as high as 30 per cent in three months spanning July-September as the production cuts announced by Saudi Arabia and Russia have squeezed the global crude supply.

Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) may remain volatile in the near term looking at uncertainties pertaining to the oil prices amidst geopolitical stress caused by Israel Hamas Conflict, said analysts. Brent that was $70-75 a barrel levels in June had risen to more than $95 a barrel by the end of September.

₹30,000 crore in capital support for the oil marketing sector announced in the budget earlier this year will boost cash flows for the OMCs and partially cover their capital spending needs. To this effect, IOCL and BPCL have already announced rights issues to the government.

By Pratima Desai and Julian Luk

Bloomberg quoted the firm's representatives as saying on 6 October. Few of the bondholders said they wanted more cash up front than Vedanta offered, while other investors requested changes to the collateral for some debt and a date for asset sales, the report cited sources. “Discussions with bondholders are ongoing and feedback continues to be solicited and provided.

Rating agency Fitch, which downgraded the U.S. top credit rating in August, cautioned about a possible government shutdown after U.S.

By Jonathan Stempel

Sanjeev Sanyal, a Member of the Economic Advisory Council to the Prime Minister, while speaking at the Africa Partnership Conference in Mauritius, emphasised on the importance of having clear Environmental, Social & Governance (ESG) norms. The two-day Africa Partnership Conference envisaged to spur cross-boundary collaboration, which kicked off in Mauritius on October 2, will be an ideal platform for Indian stakeholders to pursue wider bilateral trade and strategic goals. Sanyal in his address, stressed that ESG norms would soon have a significant impact on various aspects of our global landscape. While the term ESG is widely recognized, precise norms have yet to be established. Currently, ESG norms are being defined by various ad hoc groups and NGOs.

Read more During the meeting, Jaishankar and Blinken affirmed hope for positive outcomes from the bilateral talks. Antony Blinken said that the two leaders have had very good discussions lately and is looking forward for the talks. Also read The Bombay High Court granted permission for the leave petition filed by Rakesh Jhunjhunwala-owned Akasa Air to proceed against the five pilots who departed from the company without fulfilling their notice period obligations.

Also Read: S&P Global downgrades Vedanta Resources to CCC, second rating cut this week after Moody's The BSE Smallcap index also rose about a per cent. The BSE Midcap index, on the other hand, jumped 3.7 per cent in September. The Nifty index gained more than 2 per cent during the July-September quarter, but closed lower for a second straight week, dropping 0.2 per cent.

By Andy Sullivan and David Morgan

Anil Agarwal, the feisty entrepreneur who founded Vedanta in the 1970s as a scrap trading business and built it into a mines-and-minerals conglomerate by buying sick companies and turning them around, told ET in April that he wants to leave behind a legacy rivalling that of the Tatas, with a sprawling conglomerate run by professionals. «As far as my credibility is concerned, 99% people think I am the best,» he said. «But the 1% people who matter, take a little time (to trust my credibility),» he said.

S&P Global Ratings. In contrast with the US government debt-ceiling impasse earlier this year, “a shutdown does not raise the risk of an event of default," said Mukherji in an email.

from Caa1 to Caa2 over elevated risks of debt restructuring on Wedneday. THIS COPY IS BEING UPDATED"Exciting news! Mint is now on WhatsApp Channels

Tata Power Company to Ba1 from Ba2 and maintained a stable outlook while observing that the company's underlying business and financial profile will remain stable at least over the next 12 to 18 months. «The rating upgrade to Ba1 is driven by Tata Power's solid financial metrics, which are projected to remain above the upgrade trigger set for the earlierBa2 rating,» Moody's Analyst Yong Kang said. In a note, Moody's said it could upgrade Tata Power's rating if the company's standalone credit quality improves, such that its CFO pre- WC/debt rises above 13%on a sustained basis. Tata Power's rating incorporates the company's standalone credit quality and a one-notch uplift for shareholder support in Tata Sons, the note said adding that company's standalone credit quality is supported by predictable cash flow from its distribution businesses that benefit from a stable regulatory framework, and from its fixed-tariff long-term power purchase agreements (PPAs) for its renewable generation capacity. Under Moody's base case projection, Tata Power's operating cash flow pre-working capital to debt (CFO pre- WC/debt) will remain solid at 9%-11% over the next two to three years. Although the projected credit metrics are lower than the actuals recorded in fiscal 2023, Moody's expects Tata Power to be able to sustain these credit metrics. Tata Power's takeover of distribution companies in Odisha and the subsequent improvement in its operations, underpinned by declining electricity losses, have strengthened its business profile, the note said.