"While consolidation activity is positive for the industry in the long-term, we still expect competition to remain intense over the next 12-18 months as leading operators -- like Bharti, Vodafone India and Reliance Jio Infocomm Limited - look to protect and grow market share," it said.
The government this week cut excise duty by Rs 2 per litre as part of efforts to reduce the prices of petrol and diesel. Petrol in Delhi now costs Rs 68.38 a litre, down from Rs 70.88. A litre of diesel now comes for Rs 56.89 as against Rs 59.14 previously.
Earlier this week, State Bank of India's life insurance subsidiary, SBI Life Insurance, listed its shares on the Bombay Stock Exchange, less than a week after ICICI Lombard General Insurance (ICICI Lombard), the general insurance subsidiary of ICICI Bank did the same.
RCom and Aircel had in September last year signed a binding agreement to merge their mobile businesses. But, on Sunday, RCom announced that the agreement had lapsed owing to legal and regulatory uncertainties, objections by interested parties and delays in receiving relevant approvals.
The company's ratings remain supported by its strategic importance to the Indian economy, given its position as the country's largest power generation company, Moody's said.
The rating agency said the outlook for the system is also in line with the stable outlooks for 10 of the 15 banks it rates.
"At the same time, we've retained the Baa3 rating on its foreign currency senior unsecured debt raised through this branch," Moody's said.
More than 75 per cent respondents said exposure to large corporates in power, steel and infrastructure sectors poses as the greatest risk to banks' asset quality in India.
Abbot Point Terminal owns Abbot Point Coal Terminal, which is fully held by Adani Ports & Special Economic Zone, in north Queensland under a 99-year lease with state-owned lessor North Queensland Bulk Port Authority.
The company sold a 10-year, fixed-rate, unsecured dollar bond with a 4 percent coupon payable semi-annually and a maturity date of July 2027, the statement said.
"Over the medium term, we expect that the GST will contribute to productivity gains and higher GDP growth by improving the ease of doing business, unifying the national market and enhancing India's attractiveness as a foreign investment destination," Moody's VP (Sovereign Risk Group) William Foster said.
In a report, the US-based agency said any capital infusion from the government will further strengthen the bank's capitalisation.
It said effective implementation of key fiscal and banking sector reforms will address India's core credit challenges, and even though GST will have a muted short-term impact, but its benefits will accrue over medium term.
Offshore bonds due 2020 dropped five points to 64/69 cents on the dollar on Wednesday and have now lost a third of their value since the sell-off began two weeks ago.
In its Global Macro Outlook, Moody's Investors Service said the ruling BJP's victory in Uttar Pradesh state elections indicates that the government has remained politically popular despite the demonetisation exercise.
The rupee resumed lower at 64.91 per dollar as against the yesterday's closing level of 64.89 per dollar at the Interbank Foreign Exchange (Forex) Market. Later, it recovered on dollar selling by banks to 64.80 before falling again to 64.94 at 1100 hrs.
Foreign-exchange markets reacted to the news, with the Australian dollar dropping from levels around $0.7480 to as low as $0.7452 in the wake of the announcement.
India has been placed in the lowest investment grade by these agencies which leads to higher cost of borrowing in the global markets due to investor risk perceptions associated with it.
Last week, the government through an ordinance provided the Reserve Bank with greater powers to intervene in the resolution of non-performing loans (NPLs). Later, the RBI lowered the threshold for consensus required among lenders in Joint Lenders' Forum (JLF) to approve resolution proposals.
"The Supreme Court's decision is credit negative, but does not impact TPC's Ba3 rating," said Moody's Investors Service in a release today.
South Africa's rand fell more than 2 percent on Monday to its weakest in almost three months after S&P Global Ratings cut the country's credit score to sub-investment grade with a negative outlook after last week's dismissal of the South African finance minister.
"Although the stake sale is aligned with management's commitment to reduce absolute debt levels, we believe the net effect is muted by the company's recently announced acquisitions and intense price competition which is pressuring operating profits industry-wide," Moody's Vice President and Senior Credit Officer Annalisa Di Chiara said in a statement.
"The 2017 state election results in India demonstrate broad-based popular support for the Indian government's policy agenda and will facilitate the implementation of further reforms, a credit positive for the sovereign," it said in a statement.
With a host of reform measures, including the Goods and Services Tax (GST) and enactment of insolvency law, the country will also witness improvement in its ranking in the World Bank's Ease of Doing Business in coming years.
The rupee had slumped to a record low of 59.9850 rupee to the dollar on Thursday, as the country's record high current account deficit is exacerbating its vulnerability in an emerging market rout.