ICRA downgrades YES Bank's long-term rating for bonds worth Rs 32,911 crore
Posted on 25th July 2019 |
.jpg) |
| Rating agency ICRA has downgraded private lender YES Bank’s long-term rating while maintaining a negative outlook on the bank, citing the lenders’ inability to reduce its exposure in the ‘BB’ and below-rated accounts and erosion in tier-1 capital on account of increase in risk-weighted assets and accelerated provisioning, leading to muted profitability. The rating agency has downgraded Rs 32,911 crore worth of bond programme of the lender. Ratings on bonds worth Rs 22,111 crore was downgraded one notch, while that for bonds worth Rs 10,800 crore was downgraded two notches. ICRA said the ratings of bonds worth Rs 10,800 crore are already three notches lower than the rating for the Basel III compliant tier II bonds of YES Bank, as these instruments have loss-absorption features that make them riskier. The lenders’ gross non-performing assets along with ‘BB’ and below-rated exposures was to the tune of Rs 41,558 crore in the June quarter of 2019-20, compared to Rs 30,772 crore in the preceding March quarter. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
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. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
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. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
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). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
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. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
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. |
|
|
|
|
| Be the first person to write a business review for ICRA downgrades YES Bank's long-term rating for bonds worth Rs 32,911 crore |
|
|
|
