Oct 23, 2021 03:04 PM IST

Icra appoints Ramnath Krishnan as Managing Director and Group CEO

Ramnath Krishnan, who will assume the new charge with immediate effect, has a proven record of leadership, gained during the course of a career spanning more than three decades in banking and finance in India and abroad, Icra said in a statement.

With recovery widening, ICRA sees Q2 GDP at 7.7%

While continued base normalisation, emerging supply-side constraints and excess rainfall have dampened the year-on performance of most of the 15 high-frequency indicators in September, the economic recovery has widened in Q2 as the crisis wrought by the second wave has abated, with a larger number of sectors bettering their pre-pandemic performance, relative to Q1, Icra Rating chief economist Aditi Nayar said in a note on Thursday.

Gross NPAs of banks may decline to 6.9% by March 2022: Report

GNPAs and NNPAs stood at 8.6 per cent and 3 per cent, respectively, as on March 31, 2020.

Icra slashes growth forecast for auto components industry to 17-20% for FY22

According to Icra, the components industry is now expected to grow at 17-20 percent in 2021-22, partly aided by "the low base of last year and commodity passthrough" besides growth driven by domestic OEM, replacement and export volumes.

Domestic air passenger traffic grows 2-3% to about 69 lakh in September: ICRA

The local carrier operated higher capacity at 54 per cent in September 2021 over the same month last year.

ICRA revises energy demand growth outlook for FY22 upwards to 8.5%: ICRA

The all-India electricity demand during the period from April 2021 to September 2021 has increased by 12.7 per cent to 707 billion units (BU) on a year-on-year (YoY) basis supported by a lower base, improvement in economic activity and lower than normal monsoons leading to higher demand from the agriculture segment during July and August 2021, an ICRA statement said.

GST levy on annuity payments of BOT-HAM projects to have limited impact on project cash flows: ICRA

For projects bid between July 1, 2017, and October 13, 2017, NHAI would not reimburse the GST on annuity under the change in law as bids were invited inclusive of GST, it said.

Rating agencies bet on 9% plus GDP growth in FY22 for India as economic activity set to rebound

S&P Global Ratings have kept their growth forecast for India unchanged at 9.5 percent while ICRA has updated its forecast from the earlier 8.5 percent to 9 percent.

PLI scheme to benefit domestic auto, parts industries in multiple ways: Report

The scheme aims for a future-ready and globally competitive Indian auto sector, by fast-tracking investments in technology and components where India needs to leapfrog.

Icra revises up FY22 GDP growth forecast to 9%

A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement.

Pickup in disbursements, improving collection efficiencies to help securitisation volumes: ICRA

Monthly collection efficiency across asset classes improved materially from the lows of May 2021 and the incremental slippages declined across asset classes, Icra said.

Domestic air passenger traffic up 31% at 66 lakh in August on higher capacity deployment: ICRA

The ratings agency said despite the continued recovery in the previous month, there is continued stress on demand, driven largely by the second wave of the pandemic, limiting travel to only necessary travel.

VIL's balancesheet woes may impact financial lenders, others; govt support critical: ICRA

The support can be by way of deferment of spectrum dues, cut in levies, reduction in interest rates, and a combination of relief measures could aid financial profile and the structure of the industry.

Roots of economic recovery deepen in July as COVID-19 restrictions ease: ICRA

The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021, according to a report by Icra Ratings.

ICRA Consolidated June 2021 Net Sales at Rs 79.87 crore, up 14.72% Y-o-Y

ICRA Standalone June 2021 Net Sales at Rs 46.06 crore, up 8.39% Y-o-Y

Icra Q1 net profit surges 43% to Rs 24.34 crore; announces dividend of Rs 27/share

The total income during April-June FY22 rose to Rs 90.52 crore, against Rs 80.80 crore in the first quarter of FY21, Icra said in a regulatory filing.

Auto component industry revenues to grow by 20-23% in FY22: Icra

The growth would however be on the low base of the last two fiscals and will look optically strong because of the exceptionally weak first half of the financial year 2020-21.

Farmers' stir: NHAI needs to shell out Rs 500 crore to compensate for BOT operators' toll loss: ICRA

ICRA estimates that 75 percent of the total amount claimed by BOT-Toll projects comes up to around Rs 450-500 crore, which would cover around 40-45 percent of loss of revenue incurred by the affected projects.

Power demand in India expected to grow 6% in FY22: ICRA

ICRA has also estimated power generation capacity addition at 17- 18 GW for the ongoing fiscal year.

Actual implementation of PMAY falls below scheduled targets: ICRA

The allocation towards the PMAY-U in the Union Budget has been reduced to Rs 8,000 crore for FY2022, against a revised estimate (RE) of Rs 21,000 crore for FY2022

India's domestic air passenger traffic rose 41% sequentially in June: ICRA

On a sequential basis, the number of departures in June 2021 were higher by 14-15 percent, as COVID-19 infections demonstrated a downward trajectory, the rating agency said in its report.

Demand outlook of Indian tyre industry remains favourable: ICRA

Stating that capex executions have resumed in the last few months after a hiatus with improving domestic and exports demand, ICRA said based on projected demand growth, capital expenditure of over Rs 20,000 crore is expected in the tyre industry between FY2022 and FY2025, which would be partly debt funded.

ICRA expects 12-14% growth for two-wheeler sales this fiscal

A low base, healthy rural cash flows, and continued preference for personal mobility would support two-wheeler demand in the festive season, ICRA said in a statement.

Second COVID wave derailed hospitality industry recovery: ICRA

Since mid-April, the industry has been affected by the pandemic-related lockdowns/restrictions on mobility by various states and increased wariness to travel due to fear of infection contagion, ICRA said in statement.