Affirming BPCL's rating at 'BBB-' with a negative outlook, Fitch said it continues to treat the potential divestment of the company by the Indian government as an event risk.
The improved performance of banks in FY21 is in contrast to the stress evident from the extension of COVID-19 related relief measures to borrowers, Fitch said.
Fitch says challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022
The bitcoin move, set to take effect on Sept. 7, "would increase financial institutions' regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards," said Fitch
In a statement, Fitch said it has upgraded RIL's long-term foreign-currency issuer default rating (IDR) to 'BBB', from 'BBB-', with a negative outlook
A spate of downgrades last year had already left India's investment grade credit ratings hanging by a thread and the severity of the current virus wave is making S&P, Moody's and Fitch agitated again
The union finance ministry also said last week that the ongoing second wave of the Covid-19 pandemic will have a muted economic impact in comparison to the first wave. Major brokerages have, however, downgraded the Indian GDP projections for the current financial year
The government is targeting a deficit between revenue it earns and what it spends at 6.8 per cent of the gross domestic product (GDP) in FY22 (April 2021 to March 2022)
The sudden and steep surge in the number of coronavirus cases - the highest-ever 4,12,262 new infections and a record 3,980 daily death toll in a day - has swamped the health system, which seemed to have collapsed
India to expand COVID-19 vaccination but supplies run short, imports delayed
Under fire for his handling of the world's worst COVID-19 surge, Indian Prime Minister Narendra Modi has opened vaccinations for all adults from next month, but supplies are already running short. Public forecasts by its only two vaccine producers show their total monthly output of 70-80 million doses will increase only in two months or more, though the number of people eligible for vaccines will double to an estimated 800 million from May 1.
Fire breaks out at Virar hospital leaving 13 COVID-19 patients dead
A fire broke out at a hospital in Virar leading to deaths of as many as 13 people. The fire broke out early Friday morning at Vijay Vallabh Hospital in Virar in Mumbai. 13 people have lost their lives in the blaze. The blaze started due to a short-circuit in the air conditioner in the intensive care unit (ICU).
Industry in recovery mode, several Budget proposals on course: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday said the industry is in recovery mode and several Budget proposals are on course, including disinvestment, despite a fresh wave of coronavirus infections and local lockdowns. The government, the minister said, has been taking steps to deal with the second wave of COVID-19 with regard to supply of medicines and oxygen.
Coffee drinkers drive strongest Nestle quarter in a decade, shares rise by 2%
Coffee drinkers, pet owners and home bakers helped to drive the biggest rise in quarterly sales at Nestle for 10 years, as the world's biggest food group outshone Danone and set a high bar for Unilever. The Swiss group has weathered the COVID-19 pandemic well so far, as consumers have bought more packaged foods. Nestle's ecommerce business also fared well in the first quarter, with sales up 40%, and its health science business benefitted as people bought more vitamins and supplements.
Farm laws can lift India's GDP growth: Fitch Ratings
The agriculture reforms undertaken by the Indian government, which are facing oppositon from farmers, can increase the country's economic growth if implementation risks are addressed, Fitch Ratings said on Thursday while affirming India's sovereign rating at 'BBB-' with a negative outlook. The rating agency said the Indian government remains reform-minded as evidenced by the passing of agricultural and labour market reforms.
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