by Amruth Sundarkumar | Nov 22, 2022 | Credit Ratings, India, Investment Grade Bonds
Indian lender Axis Bank was upgraded to BBB- from BB+ by S&P, bumping the bank up to investment grade status. The upgrade came on the back of Axis’s “good asset quality” and expectations that it will be maintained over the next 1-2 years. Asset...
by Amruth Sundarkumar | Sep 6, 2022 | Corporates, India
Adani Group said that its group companies’ debt load reduced while responding to CrediSights’ report which indicated the group was deeply overleveraged. The company added further that the leverage ratios of its companies continue to be healthy and are in-line with...
by Amruth Sundarkumar | Aug 3, 2022 | India, Macroeconomic news
India has made adjustments to its tax policy for the second time in less than two weeks. The South Asian country has raised the windfall tax on locally produced crude from INR 17,000 to INR 17,750 a tonne, which will hurt producers like Vedanta, Reliance and ONGC....
by Amruth Sundarkumar | Jul 25, 2022 | Corporates, India
Reliance Industries Ltd (RIL) reported a consolidated net profit of INR 194.4bn ($2.4bn), 40.8% higher YoY for the quarter ended June. The company cited strong Oil to Chemical (O2C) earnings with firm demand and extraordinary dislocation in energy markets causing...
by Amruth Sundarkumar | Jul 15, 2022 | Corporates, India
Israel will sell its Haifa Port, to winning bidders Adani Ports and local chemicals and logistics group Gadot for ILS 4.1bn ($1.18bn). As per an industry official, Adani will have a majority 70% stake and Gadot will hold the remaining 30%. Adani and Gadot made...
by Amruth Sundarkumar | Jul 7, 2022 | Asian Dollar Bonds, India, Investment Grade Bonds
Bharti Airtel’s subsidiary Bharti Airtel International (Netherlands) B.V enhanced the tender offer size for its 5.35% bonds due 2024 from $300mn to $450mn on strong demand. About 48.87% of the principal amount, or $488.7mn of the bonds had been tendered at or before...
