Moody’s places Yes Bank under review for downgrade; here’s what weighs on private lender
Posted on 11th June 2019 |
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| Rating agency Moody’s on Tuesday placed Yes Bank under review for downgrade, owing to the private-sector lender’s exposure to weak companies in the financial sector. The ongoing liquidity pressure on the country’s finance companies is likely to impact credit profile, the rating agency also said in a note. The private sector lender has ‘sizeable exposure’ to weaker non banking financial companies (NBFCs), it added. “The review for downgrade takes into account Moody’s expectation that the ongoing liquidity pressure on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank’s sizeable exposure to weaker companies in the sector,” the rating agency added. The global rating agency also said that it may downgrade rating if bank’s capital ratio declines on its inability to raise capital. In April 2019, the private lender has classified about Rs 100 billion of its exposures, representing 4.1 per cent of the total loans under the watchlist, that could translate into bad loans over the next 12 months, Moody’s said in the same note. The bank had recently undergone a few changes including the appointment of an external candidate as MD and CEO, Ravneet Gill. The RBI also appointed a retired RBI Deputy Governor, R Gandhi, as an additional director at the Board of the bank. Meanwhile, Yes Bank reported a surprise loss of Rs 1,506.64 crore for the quarter ended March on rise in provisions and contingencies. The bank had recorded a net of Rs 1,179.44 crore for the corresponding quarter. The provisions zoomed to Rs 3,661.70 crore in the fourth quarter from Rs 399.64 crore in the corresponding period of the previous year. Shares of Yes Bank closed the day at Rs 139.75, up 3.85, or 2.83% on NSE. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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