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With credit off-take increasing, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> are expected to issue bonds to maintain their capital levels and support their advances while cost of funds -- deposits and borrowings are likely to increase, said CARE Ratings. "To support credit-off take, banks are expected to shore up their liability franchise by raising capital (<keyword id="2542652" type="General" weightage="20" keywordseo="AT1-bonds" source="Orion">AT1 bonds</keyword>, other debt instruments such as infrastructure bonds) and deposits. The market has been facing lower liquidity and elevated inflation, hence borrowing costs for deposits and the cost of raising capital are expected to increase," the credit rating agency said in a report. The banks are increasing their interest rates for deposits and plans for bonds issue. Further, profitability is also expected to support the capital base of the banks. Overall, the <keyword id="4960825" type="General" weightage="20" keywordseo="scheduled-commercial-banks" source="Orion">scheduled commercial banks</keyword> (SCB) are expected to remain adequately capitalised in the near term. All SCBs have maintained their Capital Adequacy Ratio (CAR) greater than the minimum required level for Q3FY23. The median CAR and Common Equity Tier 1 (CET-1) ratio of SCBs witnessed a rise in Q3FY23 over Q3FY22 and Q3FY21, the report notes. According to CARE Ratings, the net profit of SCBs grew by 45 per cent year-on-year (y-o-y) to Rs 0.65 lakh crore in Q3FY23 driven by a higher pre-provisioning operating profit (PPOP) growth compared to a lower growth in provisions. The net interest income growth and stability in non-interest income helped PPOP to grow by 28.5 per cent y-o-y to Rs 1.30 lakh crore in Q3Y23. Meanwhile, provisions rose by 9.1 per cent to Rs 0.38 lakh crore. Public sector banks' net profit rose by 64.3 per cent y-o-y to Rs 0.29 lakh crore in Q3FY23, meanwhile private sector banks' grew by 32.2 per cent y-o-y to reach Rs 0.35 lakh crore in Q3FY23, the report added. Return on Assets of SCBs improved by 28 bps y-o-y to 1.23 per cent. At present, banks are in a better position after navigating the Covid period and managing mounted NPAs. Healthy credit growth, improvement in asset quality, and lower growth in provisions due to lower incremental slippages and reduction in restructuring books are expected to generate healthy net profit growth. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/presumptive-taxation-the-scheme-that-eases-burden-on-small-businesses/articleshow/98183636.cms">Presumptive taxation: The scheme that eases burden on small businesses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/elephant-will-not-march-but-run-powered-by-private-consumption-union-amc/articleshow/98182584.cms">Elephant will not march but run, powered by private consumption: Union AMC</a>

Indian banks to issue bonds to maintain capital levels: CARE Ratings

<keyword id="167620" type="General" weightage="50" keywordseo="wipro-consumer-care" source="Orion">Wipro Consumer Care</keyword> on Monday announced its entry into the packaged food and spice segment by acquiring <keyword id="3043461" type="General" weightage="80" keywordseo="nirapara" source="Orion">Nirapara</keyword>, one of the largest-selling traditional food brands in Kerala. The deal size was not disclosed by the company. The <keyword id="10862" type="General" weightage="100" keywordseo="wipro" source="Orion">Wipro</keyword> group arm has signed a definitive agreement with Nirapara, a company statement said. With this acquisition, Wipro Consumer Care joins FMCG firms such as Dabur, Emami, Tata Consumer Products Ltd and ITC, which are already present in the spices market. Launched in 1976, Nirapara is known for its blended spices. The brand leads in producing a large variety of spice mixes, and rice powder used in making 'appam', 'idiyappam', etc. "Nirapara is our 13th acquisition and gives us a clear foothold in the spices and read-to-cook segment," <keyword id="385584" type="General" weightage="50" keywordseo="wipro-consumer-care-and-lighting" source="Orion">Wipro Consumer Care and Lighting</keyword> and Executive Director - <keyword id="1443098" type="General" weightage="50" keywordseo="wipro-enterprises" source="Orion">Wipro Enterprises</keyword> Vineet Agarwal said. Presently, Nirapara's 63 per cent of business comes from Kerala, 8 per cent from the rest of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and the remaining 29 per cent from international markets, largely Gulf Cooperation Council (GCC) countries. Wipro Consumer Care and Lighting and Executive Director - Wipro Enterprises Anil Chugh said there is a huge opportunity in this space for shifting consumers from an unorganized to an organized market by offering authentic, pure and trusted spice mixes. Wipro Consumer Care and Lighting, a part of Wipro Enterprises, is among the fastest-growing FMCG businesses in India. The company recorded a revenue of Rs 8,630 crore in FY22 and its business includes personal wash products, toiletries, facial care products, wellness products, home care products, electrical wire devices, domestic and commercial lighting and seating solutions. It has a strong brand presence with a significant market share across segments in India, Southeast Asia, the <keyword id="30350" type="General" weightage="50" keywordseo="middle-east" source="Orion">Middle East</keyword> and <keyword id="12925" type="General" weightage="50" keywordseo="africa" source="Orion">Africa</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/private-equity-investments-in-indias-real-estate-sector-witnessed-a-17-decline-in-2022/articleshow/96338847.cms">PE investments in real estate decline 17% in 2022 due to inflation, rising interest rates – Knight Frank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kec-international-bags-new-orders-worth-1313-crores/articleshow/96338350.cms">KEC International bags new orders worth ₹1,313 crores</a>

Wipro acquires packaged food and spices brand Nirapara

New Delhi, Feb 14 () Markets regulator Sebi has sought explanation from erstwhile managing director and CEO, and chairman of CARE Rating for their interference in the rating process of entities including DHFL, IL&amp;FS and Yes Bank, sources said. In a letter on February 12, the Securities and Exchange Board of India (Sebi) has also asked why the officials should not be debarred from associating as key managerial person or director of any registered intermediary and listed company, they added. In addition, the regulator has asked CARE Rating's board to initiate action against the officials and all the staff members involved in the rating process of the IL&amp;FS debt, the sources said. Incidentally, on the same day, the rating agency announced that S B Mainak resigned as its chairman. The Sebi action comes after the regulator received the forensic audit report on February 11, which was commissioned after a whistleblower complaint. The forensic report, prepared by EY, has scrutinised calls, WhatsApp messages and e-mails, and recorded statements of staff members. The audit reportedly revealed the involvement of former chairman and former MD and CEO Rajesh Mokashi. Mokashi was forced to go on leave in July and after five months, he stepped down from the company in December. Sebi, in December 2019, slapped a penalty of Rs 25 lakh each on ICRA, CARE Ratings Ltd and India Ratings &amp; Research Pvt Ltd and had said the default by IL&amp;FS occurred due to "lethargic indifference and needless procrastination and laxity" of the rating agencies. Now, the regulator is considering to increase penalty on rating agencies in connection with lapses on their parts in assigning credit ratings to non-convertible debentures of IL&amp;FS. Officials believe that the fine imposed by the Sebi on these rating agencies was quite low given the seriousness of the lapses on their part following which fresh notices were sent to them. The crisis at diversified IL&amp;FS, whose board was superseded by the government, came to light in September 2018 and since then, the company as well as related entities have come under the regulatory lens. According to the CRA Regulations, the rating has to be true, fair, appropriate and accurate and the rating agencies need to follow proper rating process. Besides, rating agencies need to have professional rating committees and all rating decisions, including the decisions regarding changes in rating should be taken by this committee. Moreover, the norms mandate credit rating agencies (CRAs) to ensure total separation between the business development and the analytical or ratings vertical and therefore, no management interference permitted in rating process. SP HRS

Sebi seeks explanation from former CARE Rating chairman, MD for interference in ratings

<keyword id="9440093" type="COMPANY" weightage="20" keywordseo="covifor">Covifor</keyword>, the generic version of Covid-19 drug Remdesivir, will be available in India for Rs 5,400 per 100 <keyword id="9459307" type="UNKNOWN" weightage="20" keywordseo="mg-vial">mg vial</keyword>, Hyderabad-based Hetero Labs announced on Wednesday. Following the approval to Covifor by <keyword id="9440959" type="COMPANY" weightage="20" keywordseo="the-drug-controller-general">the Drug Controller General</keyword> of India , <keyword id="2982370" type="COMPANY" weightage="20" keywordseo="Hetero-Healthcare-Ltd">Hetero Healthcare Ltd</keyword>, a group company of Hetero, announced that it is set to deliver the first set of 20,000 vials. They will be made available in two equal lots of 10,000 each. One lot will be immediately supplied to Hyderabad, Delhi, Gujarat, Tamil Nadu, Mumbai and other parts of Maharashtra while the other lot will be supplied to Kolkata, Indore, Bhopal, Lucknow, Patna, Bhubaneshwar, Ranchi, Vijayawada, Cochin, Thiruvananthapuram and Goa within a week to meet the emergency requirements, the company said. "Through Covifor, we hope to reduce the treatment time of a patient in a hospital, thereby reducing the increasing pressure on the <keyword id="91332" type="PERSON" weightage="20" keywordseo="Medical-Infrastructure">medical infrastructure</keyword>, overburdened currently due to accelerating Covid-19 infection rates. We are working closely with the government and medical community to make Covifor quickly accessible to both public and private healthcare settings across the country," said M. Srinivasa Reddy, Managing Director, Hetero Healthcare. Covifor is the first generic brand of Remdesivir which is indicated for the treatment of Covid-19 patients in adults and children, hospitalised with severe symptoms of the disease. The drug is available in 100 mg vial (injectable). It needs to be administered intravenously in a hospital, or critical care setting, under the supervision of a registered medical practitioner. Covifor is anticipated to play a significant role in bringing down the mortality rates caused by Covid-19, given its proven positive clinical outcomes, the company added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India state wise</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

Generic COVID-19 drug priced at ₹5,400 per vial by Hyderabad-based Hetero

<ul class="summary-list"><li><keyword id="108025" type="COMPANY" weightage="60" keywordseo="Delta-Air-Lines">Delta Air Lines</keyword> said it will raise $6.5 billion by mortgaging its SkyMiles frequent flyer program.</li><li>The airline will spin the program off into a separate holding company for the deal, something United pioneered with a similar deal in July.</li><li>Airlines, including <keyword id="6383835" type="ORGANIZATION" weightage="60" keywordseo="delta">Delta</keyword>, continue to hemmorhage cash during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic.</li></ul>Delta Air Lines will become the latest airline to raise cash by using the billions it earns from its frequent flyer program as collateral.The airline said on Monday that it would raise $6.5 billion in loans backed by its SkyMiles program in a private notes offering.Airlines have raised cash through the pandemic largely by offering physical assets like aircraft as collateral, as well as airline business assets such as slots, routes, and airport gates.For US airlines, however, <a href="https://www.businessinsider.com/delta-united-american-airlines-can-sell-frequent-flyer-miles-coronavirus-2020-4">frequent flyer programs, with valuations in the tens of billions of dollars</a>, offer another lifeline. While airlines frame their frequent flyer programs — fairly, in many cases — as being valuable for passengers, the rewards programs earn significantly more for airlines than they cost them.Airlines make billions per year by selling frequent-flyer miles to their credit-card partners. In turn, the credit card companies issue them to cardholders as spending rewards. For example, American Express, which issues co-branded credit cards with Delta, purchases the airline's miles and issues them to customers as a reward for spending, typically at a rate of 1-2 miles per dollar spent on the relevant credit card.American Express paid Delta $4.1 billion for miles in 2019, according to a Delta filing with the Securities and Exchanges Commission. The airline earned a grossed $6.1 billion last year from mileage sales.The loan offer required Delta to spin the SkyMiles program off into a separate, wholly-owned subsidiary: SkyMiles IP Ltd. The move should have no impact on customers.Airlines have seen revenue plummet during the coronavirus pandemic, with demand falling as much as 97% during the peak of the crisis in April.Although there has been a slight recovery, travel demand remains stagnant at about 30% of 2019 levels, and airlines say they do not expect a complete recovery until 2024. Delta is still burning $27 million per day as the demand recovery stalls. The $6.5 billion loan would give it an additional 240 days of runway at current burn rates, but the airline has told shareholders it will get its daily cash losses down to zero by the end of the year through staff leaves, reduced work schedules, and other cost-cutting measures <a href="https://www.businessinsider.com/delta-retire-boeing-777-coronavirus-2020-5" target="_blank" rel="noopener noreferrer">such as grounding or retiring some of its older planes</a>.. It also has $16.5 billion in liquidity on hand in addition to this loan.Spinning the frequent flyer program off allows the airline to issue the program as collateral without exposing the rest of its business to creditors, while still maintaining full control over the program. United raised $6.8 billion in July using a similar maneuver. American similarly offered its frequent flyer program as collateral for a $4.8 billion government loan through the <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES Act</keyword>. Delta is also eligible for a loan under that program, but is seeking credit through private lenders instead.In past downturns, airlines have sold large amounts of miles to credit card partners in advance. However, airlines typically have to offer a discount rate for such a sale, which would hurt potential future revenue.

Delta spins off its cash-cow frequent flyer program to serve as collateral for a $6.5 billion loan amidst the airline industry bloodbath

<ul><li>While the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> outbreak has led to productions of films and daily soaps being stopped across the country, TV viewership is going up due to people staying at home.</li><li>However, the GECs re now faced with the challenge of coming up with fresh content for its viewers.</li><li>In such a scenario, how are these channels planning to tackle the situation?</li></ul>It’s been close to 2 weeks since India’s film and television bodies decided to suspend shootings from to avoid the spread of the novel Coronavirus. The Indian Film &amp; Television Directors' Association (IFTDA), Producers Guild of India and Federation of Western Indian Cine Employees (FWICE) had decided on March 17 to put production and shooting on hold till March 31. As the PM announced his 21-day complete lockdown, production will not start before April 14. The biggest impact of this will be on GEC channels that usually work with a content bank of about two weeks. However, with the lockdown, these channels will soon run out of fresh content to air. Considering most people are stuck at home, OTT and TV viewership saw a spike, according to Broadcast Audience Research Council (BARC) India data. The total TV consumption saw a spike of 8% across India in the week ended March 20 (<keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> Week 1), while the total time spent per user on smartphones went increased by 6.2% to 25 hours a week. Moreover, the consumption growth in the Hindi speaking markets (HSM) was at around 10% in comparison to the South region that grew by 5%. The HSM region saw an increase in terms of both reach and time spent. While this opens up possibilities for advertisers to catch more eyeballs, GECs are now faced with the problem of running out of content. In such a scenario, what is the strategy they are employing to ensure that they do not lose their audience who can only stay engaged if they are offered something new to watch? Ensuring all-round entertainment for consumers While production has come to a complete halt, all the channels believe that the show mustn’t stop and are strategizing at how to make the best use of the content at their disposal currently. Speaking about how it is working around the current situation, <keyword id="3387826" type="PERSON" weightage="20" keywordseo="Prathyusha-Agarwal">Prathyusha Agarwal</keyword>, Chief Consumer Officer, <keyword id="174248" type="DOMAIN" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd">Zee Entertainment Enterprises Ltd</keyword> said, “Taking into consideration the explosion in TV consumption and the changing composition of audiences, there is a need to customize programming for this emerging trend. At ZEE, we have geared up to serve these emerging trends with content for everyone in the family. For instance, starting March 25, Zee TV introduced an exclusive band ‘PyaarVyaar Originals’ with three new finite series including Sakshi Tanwar and Ram Kapoor starrer ‘Karle Tu Bhi Mohabbat’, Sharman Joshi Starrer ‘Baarish’ and Ronit Roy Starrer ‘Kehne Ko Humsafar Hain’ for the first time on television between 9 pm and 11 pm every week night. Longer binge-worthy episodes of our popular fiction shows have also been lined up across most channels to provide an immersive experience to our viewers who are staying much longer in front of the television. &amp;tv has also lined up curated specials of their comedy hits along with inspirational and devotional content to bring in positivity into our viewers’ living rooms.” For <keyword id="1570722" type="PERSON" weightage="20" keywordseo="Manisha-Sharma">Manisha Sharma</keyword>, Chief Content Officer, Hindi Mass Entertainment, <keyword id="187712" type="COMPANY" weightage="20" keywordseo="Viacom18">Viacom18</keyword>, the need of the hour is for the channels to take care of every family’s all-round entertainment needs. Speaking about what their roadmap in terms of content is, Sharma said, “At a time like this, we want to give our viewers the best of the content mix which will keep them smiling and comforted and hopefully let this time go by smiling and watching with their families in the confines of their homes. We have an eclectic mix of current and popular erstwhile shows that will take care of all their entertainment needs ranging from comedy, drama, slice of life, and reality shows. We have dedicated blocks for comedy, drama, and romance to give the viewers the best of the best content. A healthy dose of comedy between 5-6 pm with reruns of Belan Wali Bahu, popular show Dil Se Dil Tak starring Sidharth Shukla and Rashami Desai will be back at 6pm. We will continue to air fresh episodes of Vidya, Choti Sarrdaarni, Shakti…Astitva Ke Ehsaas Kii, Barrister Babu, Shubharambh and Naati Pinky Ki Lambi Love Story at their respective timeslots.” Riding on the nostalgia wave Doordarshan played a masterstroke with the announcement of the re-launch of yesteryear classics including Ramayan, Mahabharat and Byomkesh Bakshi. A lot of people have been talking on various social media platforms about what are the shows they would want channels to bring back. And a lot of the channels are listening to what the audience wants. Zee is bringing back some of its old, popular shows from its library across its channels, like ‘Kasamh Se’ on Zee TV and ‘Sambhaji’ on Zee Marathi and ‘Goyenda Ginni’ on Zee Bangla amongst others. Similarly, Viacom18 will be bringing back its show Dil Se Dil Tak and Bigg Boss 13. Speaking about what viewers can expect from its stable, <keyword id="8986388" type="UNKNOWN" weightage="20" keywordseo="arpit-machhar">Arpit Machhar</keyword>, Head of Marketing, <keyword id="8986387" type="UNKNOWN" weightage="20" keywordseo="enterr10-television-network">Enterr10 Television Network</keyword> (<keyword id="7514645" type="UNKNOWN" weightage="20" keywordseo="Dangal-TV">Dangal TV</keyword>) said, “We go through a lot of historical data before acquiring the license of any show. Dangal TV ratings, undoubtedly, have also been helpful in successfully monetising already aired shows. In the past, shows like Bandini, Chandragupt Maurya, Bhagwaan Shree Krishna have done exceptionally well. Ramayana, too has a very strong connect with viewers across India beyond the Hindi speaking markets. Mythological and historical shows along with some well-produced thrillers and family dramas make it an interesting package for viewers. We are in tune with this, considering Dangal TV too has been airing Ramayana as well as similar mythological shows like Devi Adi Parashakti, Mahima Shani Dev Ki for a while now. Devi Adi Parashakti and Mahima Shani Dev Ki are among the top 2 shows across Hindi GEC, HSM(U+R) as per latest data by BARC India for Week 11. We are aware that such content always has an audience and therefore we will continue to keep our viewers engaged with such shows.” Covid-19’s business impact While many sectors like events and out-of-home have been badly hit due to the lockdown, broadcasters are hopeful that they will be impacted less. Considering viewership is on the rise too, it presents an opportunity for both broadcasters and advertisers to make something out of an adverse situation. Dangal TV has seen a spike in its viewership, like most other GECs and is not focusing on new ideas. “Despite the COVID-19 challenge, Dangal TV is experiencing a spike in the average time spent.We are witnessing the early signs of a consumption uptick with an increase in the viewership. At Enterr10 Television Network, we are strongly connected and engaged with our viewers. Our numbers have been ahead of us. We are readily willing at focusing on exploring new ideas, IPs, etc. We haven’t stepped back in terms of exploring what more is possible, even during this period. Even in this unprecedented situation, we will continue to invest in good library, innovative programming and in distribution that will further aid in consolidating our position in both rural and urban markets. While there is huge competition amongst TV channels, our first priority is to consolidate, maintain and further strengthen our leadership position on television.” Pointing towards the fact that a lot of advertising on TV comes from FMCG that have been relatively less impacted, Sharma shared her optimism about the future. “The lockdown has hit the manufacturing, supply chain and consumption of all brands and that will invariably have an effect on ad spends. However, TV and digital will have a marginal impact as compared to other mediums like print, outdoors and radio as TV viewership is expected to see an upswing due to the forced lockdown. Secondly, a large amount of advertising revenue for a GEC comes from FMCG brands that are relatively less impacted in the current situation. Also, since it is an industry phenomenon, all GEC channels will witness a drop in ad spends,” explained Sharma. Added Agarwal, “Over the next 3 weeks, we expect content consumption on TV to go up as people look to keep themselves entertained. Given the temporary nature of the lockdown, it would be imprudent to quote any implication as of now, but we are sure that TV has become an essential service providing the much needed companionship to families in the current times.”

With limited fresh content at their disposal, here's how GECs are tackling the lockdown

New Delhi, Feb 10 () Markets regulator Sebi is considering to increase penalty on rating agencies in connection with lapses on their parts in assigning credit ratings to non-convertible debentures of IL&amp;FS, officials said on Monday. The crisis at diversified IL&amp;FS, whose board was superseded by the government, came to light September 2018 and since then, the company as well as related entities have come under the regulatory lens. Sebi in December 2019 slapped a penalty of Rs 25 lakh each on ICRA Ltd, CARE Ratings Ltd and India Ratings &amp; Research Pvt Ltd and had said the default by IL&amp;FS occurred due to "lethargic indifference and needless procrastination and laxity" of the rating agencies. While the regulator came down heavily on the rating agencies with sharp observations but it was felt that the same was not reflected in penalty, officials said. They believe that the fine imposed by the Securities and Exchange Board of India (Sebi) on these rating agencies was quite low given the seriousness of the lapses on their part following which fresh notices were sent to them. In a filing to stock exchanges on Monday, CARE said it has received the show cause notice (SCN) from Sebi, "calling upon the reasons why the penalty amount should not be enhanced. This SCN is being reviewed by the company". Similarly, ICRA on Friday said it received a show cause notice for enhancement of penalty amount. However, it could not be ascertained whether India Ratings also received similar notice from the markets regulator. The case relates to the default committed by IL&amp;FS and its subsidiary IL&amp;FS Financial Services on their obligations in respect of commercial paper (CP), inter-corporate deposits (ICDs) as well as on interest payments related to non-convertible debentures (NCDs). Sebi, in its order, had noted that the exposure of IL&amp;FS at the relevant times was critical to the financial stability as its share in the total exposure of banks to the NBFC (non-banking financial company) sector was fairly high. There was substantial public interest involved in the affairs of IL&amp;FS considering its importance for financial stability. The markets regulator had examined the role of the credit rating agencies, including ICRA, CARE and India Ratings, in assigning a rating to various NCDs of Infrastructure Leasing and Financial Services (IL&amp;FS). According to Sebi, IL&amp;FS and its group companies' financial parameters, especially short-term borrowings, debt-to-equity ratio, current maturities of long-term debt, operating profit, and monetisation of assets were not as conducive or healthy as assumed by these rating agencies in their reports or rating rationale. They failed in conducting independent professional assessment while rating the NCDs of IL&amp;FS and placed undue weight on institutional parentage, the regulator said. Though there is no allegation of any mala fide intention on the part of these rating agencies, Sebi had said the failure by them is blameworthy and serious considering the degree of responsibility bestowed upon it by the statute. SP HRS

Sebi mulls raising penalty on rating agencies in IL&FS case

New Delhi, Dec 26 () Markets regulator Sebi on Thursday imposed a penalty of Rs 25 lakh each on rating agencies ICRA and CARE for failing to exercise "due diligence" while assigning credit rating to the non-convertible debentures of IL&amp;FS.
 Sebi also said the default by IL&amp;FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies.
 The case relates to the default committed by IL&amp;FS and its subsidiary IL&amp;FS Financial Services on their obligations in respect of the commercial paper, inter-corporate deposits (ICDs), as well as on interest payments related to the non-convertible debentures (NCDs).
 The regulator undertook an examination with respect to the role of the credit rating agencies (CRAs), including CARE Ratings Ltd and ICRA Ltd, in assigning rating to various NCDs of Infrastructure Leasing and Financial Services (IL&amp;FS).
 According to Sebi, IL&amp;FS and its group companies' financial parameters, especially short-term borrowings, debt-equity ratio, current maturities of long-term debt, operating profit, and monetisation of assets, among others, were not as conducive or healthy as assumed by these rating agencies in their rating report or rating rationale.
 They failed in conducting independent professional assessment while rating the NCDs of IL&amp;FS and placed undue weightage on institutional parentage.
 While assigning credit rating to the NCD of IL&amp;FS, the two entities "failed to exercise proper skill, care and due diligence while discharging its responsibilities as a credit rating agency and violated the provisions of... code of conduct of the CRAs," the regulator said in two separate but similarly worded orders.
 Further, they also "failed in exercising independent professional judgment in order to achieve and maintain objectivity and independence while 'rating' IL&amp;FS and its instruments and in closely monitoring all relevant factors that might affect the creditworthiness of the issuers".
 The regulator said it is important to mention that IL&amp;FS is a systematically important non-deposit-accepting core investment company. It is in the business of raising and holding public funds.
 The exposure of IL&amp;FS, at the relevant times, was critical to the financial stability as its share in total exposure of banks to the non-banking financial company sector was fairly high. There was substantial public interest involved in the affairs of IL&amp;FS considering its importance for financial stability.
 Though there is no allegation of any mala fide on the part of these rating agencies, Sebi said the failure by them is blameworthy and serious considering the degree of responsibility bestowed upon it by the statute.
 "Further, in the peculiar facts and circumstances of this case, the default has occurred due to lethargic indifference and needless procrastination and laxity of the noticee," the regulator said.
 Accordingly, the Securities and Exchange Board of India (Sebi) has slapped a fine of Rs 25 lakh each on CARE and ICRA. SP HRS

IL&FS case: Sebi slaps Rs 25 lakh fine each on ICRA, CARE

<ul><li>One of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s biggest housing finance companies <keyword id="487262" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation">Dewan Housing Finance Corporation</keyword> Ltd’ management has announced that the company may not survive the grim financial situations. </li><li>DHFL stock crashed 9.93% in early trade to ₹61 after the company management itself raised doubts in its ability to survive. </li><li>DHFL debt stands at a hovering ₹ 1.2 lakh crore.</li></ul>DHFL stock crashed 9.93% in early trade to ₹61 after the company management itself raised doubts in its ability to survive. “The Company's ability to raise funds has been substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements. These developments may raise a significant doubt on the ability of the Company to continue as a going concern,” Chairman and Managing Director Kapil Wadhwan said on Saturday July 13, as a part of quarterly results announcement. DHFL’s results itself will bring no comfort as it is expectedly in the red, with a net loss of ₹2,223 crore as compared to a profit of ₹134 crore in the same quarter last year. The stock also touched a lower circuit, which is a new low, in today’s trade. The housing finance company has been under financial stress as it saddles heavy debt of ₹ 1.2 lakh crore. It also faced downgrades by credit rating agencies CRISIL, ICRA and CARE after they raised doubts on its ability to repay it. In the meanwhile, the management is trying to sell chunks of the company to stay afloat. “The Company is taking active steps to monetize its assets and is in discussions with multiple Indian banks and international financial institutions to sell off its retail as well as wholesale portfolio,” said Wadhawan. DHFL also said that it is in discussions with the consortium of bankers to restructure its borrowings and will take all the necessary steps to ensure that it meets its financial commitments. “There have been discussions for stake sale by the promoters to a strategic partner with further equity infusion,” the company said.

DHFL stock crashes 9.93% in early trade after management raised doubts on its ability to survive

There is great news for borrowers who have a good track record when it comes to servicing their loans! With the introduction of three new credit information bureaus in India and credit scores for bank customers, individuals will have the liberty of shopping around for cheaper bank loans at better terms. Having said that, those individuals who have a history of defaulting on their loans may be required to pay even more, or in certain situations, even be denied bank credit. 
 
What does this mean? 
 
A credit information bureau works by storing information about a person’s credit history. Based on the credit scores that these bureaus assign to customers, banks can come to a decision about their creditworthiness. 
 Up until now, the Credit Information Bureau (India) Ltd (<keyword id="6380215" type="ORGANIZATION" weightage="80" keywordseo="CIBIL">Cibil</keyword>), operating since 2004, was the only agency that assessed a borrower’s creditworthiness. The three new bureaus will join this agency to offer an additional level of credit scoring models. Despite the fact that around 13 companies had applied to start credit information bureaus, only three have been allowed to function by the <keyword id="417932" type="ORGANIZATION" weightage="40" keywordseo="Indian-Banking">Indian banking</keyword> regulator—Experian Credit Information Co. of <keyword id="2450396" type="COMPANY" weightage="40" keywordseo="India-Pvt">India Pvt</keyword>. Ltd, <keyword id="2450397" type="UNKNOWN" weightage="60" keywordseo="Equifax-Credit-Information-Services-Pvt">Equifax Credit Information Services Pvt</keyword>. Ltd and <keyword id="2450392" type="UNKNOWN" weightage="40" keywordseo="High-Mark-Credit-Information-Services-Pvt">High Mark Credit Information Services Pvt</keyword>. Ltd. 
 
By December, Cibil plans to begin their credit scoring services. With these services in place, a person will be able to find out their credit score before they apply for a loan. This score will be useful for the individual. It will eventually allow him to bargain with banks for better rates on loans. 
 According to Cibil’s <keyword id="24973" type="POSITION" weightage="40" keywordseo="managing-director">managing director</keyword> <keyword id="220895" type="PERSON" weightage="40" keywordseo="Arun-Thukral">Arun Thukral</keyword>, their focus is on expanding credit to good customers as well as avoiding customers who have a bad credit history. These credit scores will be able to help banks steer clear of the main pitfalls associated with bad transactions. 
 
The scenario so far 
 
Indian banks have credit score information readily available to them, but this information isn’t divulged to customers. Banks can therefore take advantage of this non-transparency and standardize the loan rate among customers. This leads to a creditworthy customer having to pay for the bad transaction of an undesirable borrower, so to speak. 
 
Despite the fact that banks had an in-house scoring model, they didn’t have access to any such repayment track record of customers who had taken loans from other banks, until Cibil began to offer this service. This allows disparity to be done away with. For instance, an individual may have a good record with a certain service provider or bank, but may have defaulted on repaying loans related to other service providers and banks. 
 
The global footprint 
 
In the global financial market, a credit score is used for many different reasons such as purchase of homes and cars, movement of goods and services and getting job. It is therefore, an integral part of any banking system. In India however, it is widely used in the retail lending space that was rapidly growing until 2007. 
 According to RK Bakshi, executive director, <keyword id="6358007" type="CITY" weightage="80" keywordseo="Bank-of-Baroda">Bank of Baroda</keyword>, credit scores are essential to retail operations. He says that with the introduction of competition in the field, value-added services can’t be far behind. 
 
How Cibil has changed the face of credit scoring in India 
 When Cibil’s consumer bureau was set up in 2004, it had a database of over four million trade records of 13 members. Today, the agency has around 135 million transactions of 165 members, <keyword id="54921" type="ENTERTAINMENT" weightage="40" keywordseo="spread">spread</keyword> across mortgage firms, banks and non-banking <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> companies. Credit scores are offered for all types of loans, including personal loans, and they vary from 300 to 900. This flexible range is essential because some banks might be comfortable giving loans at a credit score of 550, while others may not want to drop below a score of 800. Once individuals become aware of their own credit scores, the rate of interest that they are charged tends to decline. 
 
Currently, Cibil is setting up a call centre for individual customers, and a maximum charge of Rs.100 will be levied to obtain credit score information. Utility and telecom companies will be the first to avail of Cibil’s services, as they need access to a regular stream of credit information before they extend their services to customers. 
 
In the following three months, there are also plans to launch a fraud depository and a mortgage depository. Through this, any fraudulent loans acquired by customers will be curbed and a database of frauds committed by borrowers will be maintained. 
 
International help has rolled in from <keyword id="6379677" type="COMPANY" weightage="40" keywordseo="Experian">Experian</keyword> 
 The world’s largest credit bureau company Experian will be aligning its products to meet the needs of the local market, such as fraud prevention, customer monitoring and collections capabilities. While Experian said that it was unclear how long India would take to scale to a global level, its experience in other markets would be leveraged on to build new services that take care of the needs of the <keyword id="47445" type="UNKNOWN" weightage="40" keywordseo="Indian-market">Indian market</keyword>, much more quickly than if a bureau was being launched for the very first time. 
 
Why India needs more players 
 While Cibil has the advantage of being the <keyword id="191967" type="POSITION" weightage="40" keywordseo="first-player">first player</keyword> in the Indian market, there is always scope for more to join in. According to a research conducted by <keyword id="2450387" type="COMPANY" weightage="80" keywordseo="JPMorgan-Chase-and-Co-">JPMorgan Chase and Co.</keyword> on May 22, there is immense potential of credit bureaus in India. It states that though India’s population boasts of an attractive demographic, credit bureaus seems to be at a very nascent stage. Therefore, the Indian market will prove to be a long-term growth opportunity for Experian. 
 
Indian regulations do not permit foreign investment in a credit bureau company to exceed 49%. Experian, which has been running retail services and decision analytics businesses for the past three years, is yet to zero in on its Indian partners. 
 Another global credit score company, Equifax has tied up with global rating agency <keyword id="90982" type="ORGANIZATION" weightage="40" keywordseo="Standard-and-Poor">Standard and Poor</keyword>’s Indian arm <keyword id="234798" type="COMPANY" weightage="40" keywordseo="CRISIL-Ltd">Crisil Ltd</keyword> and <keyword id="2450395" type="COMPANY" weightage="40" keywordseo="Tata-Capital-Ltd-">Tata Capital Ltd.</keyword>

Credit Data Bureaus– Why India Needs More Players

<a href="http://www.businessinsider.com/digital-industry-insider"></a><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.shutterstock.com/pic-156022646/stock-photo-male-nurse-pushing-stretcher-gurney-bed-in-hospital-corridor-with-doctors-and-senior-female-patient.html?src=ZGHzdP3D0qGw2sZUOr3TFQ-1-28">Spotmatik Ltd/Shutterstock</a></div></div></div>Connected healthcare is finally becoming a reality. In fact, it's estimated that the global healthcare sector will pour about <a href="http://www.businessinsider.com/the-global-market-for-iot-healthcare-tech-will-top-400-billion-in-2022-2016-5" target="_blank">$410 billion into IoT devices</a>, services, and software in 2022, according to a <a href="http://e.businessinsider.com/click/6791847.3397/aHR0cDovL3d3dy5ncmFuZHZpZXdyZXNlYXJjaC5jb20vaW5kdXN0cnktYW5hbHlzaXMvaW50ZXJuZXQtb2YtdGhpbmdzLWlvdC1oZWFsdGhjYXJlLW1hcmtldA/56c34aced7aaa8f87d8b56a7B7088e23b">report</a> from the research firm Grand View Research. That's up from up from the $58.9 billion invested in 2014, according to the same report.Why are healthcare organizations beginning to embrace the technology? Well, for starters, it's because there's more demand than ever to make healthcare more efficient and effective. And a lot of this demand stems from rising healthcare costs and regulations, Greg Petroff, GE's chief experience officer for digital, told Business Insider.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">BII</div></div></div>For example, the Affordable Care Act signed into law in 2012 implemented a penalty for hospitals that have high readmission rates. This means hospitals have to make sure their patients are in a stable condition before they leave so they don't return. But it also means that hospitals are having to do more with the same amount of resources.To help meet these new demands, hospitals are using IOT solutions to capture and analyze data that enables hospital operators to make smarter decisions that can help save money and lives, Petroff said."There are a host of things in a healthcare environment that are managed on a daily basis. This includes medical equipment, employees, and patients," Petroff said. "In that environment we can use these technologies ... to determine how to improve the quality of care, time to service, and to provide care with less costs."One way GE has helped hospitals accomplish this is by bringing medical equipment online. For example, GE partnered with a hospital in New York to connect and track hospital beds using sensors. These sensors enabled hospital operators to tell when a bed was free and helped reduce emergency room wait times by as much as four hours, Petroff said.And by connecting medical equipment, hospitals can greatly reduce the chances of critical machinery breaking down when it's needed most.Philips Healthcare, for example, recently rolled out an IOT solution called e-Alert, which is a hardware/software solution, that virtually monitors the health of its machines so that they never suffer an outage. "We want to make it to the point where Philips has zero downtime. So our systems are operational all the time and are running at peak performance," John Romero, a support specialist at Philips Healthcare, told Business Insider.When Philip's e-Alert system detects that something is working abnormally in the machine, it sends a text message to an engineer so that repairs can be made before serious damage is done. The e-Alert system is working so well that Philips is exploring using the technology for other pieces of medical machinery. While e-Alert is helping hospitals and other healthcare providers avoid expensive repairs and replacements, it more importantly is helping ensure patients are getting the care they need when they need it, Romero said. "It's (IOT) all about real-time monitoring," Romero said. "And I really think in the end as healthcare providers and hospitals, we really need to put our patients at the center of all of our thinking." <div id="categorypromo"><h2>Learn more:</h2><ul><li><a href="http://read.bi/2bxUD5w">What is the Internet of Things? Definition, Industries and Companies</a></li><li><a href="http://read.bi/2bM6f9F">IoT Ecosystem - Forecasts and Business Opportunities</a></li><li><a href="http://read.bi/2bwvM1s">IoT Market Size, Share &amp; Growth Forecasts</a></li><li><a href="http://read.bi/2bM2X23">IoT Trends, Growth &amp; Predictions</a></li><li><a href="http://read.bi/2bM3G31">IoT Devices, Applications &amp; Examples</a></li><li><a href="http://read.bi/2bQKVh9">Top IoT Companies to Watch &amp; Invest In</a></li><li><a href="http://read.bi/2buoCAJ">IoT Wearable Devices &amp; Technology</a></li><li><a href="http://read.bi/2bvdIbn">How IoT Will Affect Security</a></li><li><a href="http://read.bi/2bj3Uha">IoT Reports</a></li></ul></div>

As healthcare costs rise and patients demand better care, hospitals turn to new technologies

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Rick WilkingDoes your company offer a gym membership?</div></div></div>An <a href="http://uk.businessinsider.com/how-your-office-job-is-killing-you-2015-6">office job can be tough on your body,</a> so it helps to work at a place that cares about and encourages the health of its employees. To determine the healthiest workplaces in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, insurance company VitalityHealth surveyed companies about corporate policies, practices, and facilities that could affect employee health.To find out where the healthiest people work, a different survey asked employees questions about their lifestyle behaviours, mental well-being, and general health. The data, which this year included 32,500 employee responses from 112 companies, was collected and analysed with help from the University of Cambridge and RAND Europe.The overall award for <a href="http://www.britainshealthiestcompany.co.uk/index.html">Britain's healthiest company</a> combines scores from both surveys and was given out to three company sizes. This year's top awards went to Johnson &amp; Johnson, Adidas UK, and Old Mutual, for healthiest large, medium, and small companies, respectively."We have a long history of caring for the health and well-being of our workforce and offer a range of programmes, employee benefits, and facilities for our staff in the UK which have a great rate of uptake," Angela Hamlin, HR Director for the pharmaceutical sector at Johnson &amp; Johnson, said in statement. Adidas UK offers mental health clinics and life coaches to all workers, while Old Mutual has an assistance programme that provides counselling on a range of topics, including relationships and debt. The full list of winners across three categories is below:Britain's healthiest companies (large)1. Johnson &amp; Johnson2. Nomura3. Morgan StanleyBritain's healthiest companies (medium)1. Adidas UK2. Iris Worldwide3. Sweaty BettyBritain's healthiest companies (small) 1. Old Mutual2. JDSU UK Ltd3. Sanofi Pasteur MSDHealthiest workplace (large)1. Johnson &amp; Johnson2. Morgan Stanley 3. Chivas Brothers Healthiest workplace (medium)1. Adidas UK 2. Iris worldwide 3. Edinburgh Leisure Healthiest workplace (small)1. Lindt &amp; Sprungli 2. Old Mutual 3. Sundyne HMD Sealless Pumps LtdHealthiest employees (large)1. Microsoft2. Nomura3. BNP ParibasHealthiest employees (medium)1. Sweaty Betty2. Gilead Sciences3. Adidas UKHealthiest employees (small)1. Sanofi Pasteur MSD2. JDSU UK Ltd3. Ruffer LLPMost improved companyTUI UK &amp; Ireland <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/floyd-mayweather-koenigsegg-4.8-million-car-money-boxing-2015-8">Floyd Mayweather just spent $4.8 million on one of the fastest cars in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1zbTQ3dzqpHPgWF9SU47Z800eUPuTDvk" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "CARE Ratings Ltd" and got 12 results

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