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India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

Amid the severe pollution gripping the national capital, <keyword id="19948557" type="General" weightage="20" keywordseo="delhi-metro" source="keywords">Delhi Metro</keyword> recorded its highest-ever daily ridership on November 18, with a staggering 78.67 lakh passenger journeys, according to official data. This figure exceeded the previous high of 77.49 lakh passengers on August 20 of this year, the data said. On November 18, the Yellow Line, which connects Millennium City Centre in Gurugram to Samaypur Badli in Delhi, saw the highest passenger traffic, with a record 20.99 lakh commuters. The Blue Line followed closely with 20.80 lakh passengers, while the Red Line recorded 8.56 lakh commuters, 8.15 lakh in Pink Line and 7.93 lakh in Violet Line. The Magenta Line saw 6.19 lakh passengers, followed by the Green Line with 4.12 lakh commuters, 81,985 in Airport Line, 57,701 in Rapid Metro, and 50,128, in the Grey Line, as per the data. Thick grey haze continued to choke Delhi for the third consecutive day on Tuesday, with pollution levels remaining alarmingly high at 488 in the 'severe plus' category. To encourage more people to use the metro in this scenario, the Delhi Metro Rail Corporation (DMRC) is running 60 extra trips on weekdays, offering more capacity than usual, an official statement said. The DMRC has recorded its 25 highest passenger journeys since August this year, the statement added. It emphasised that the more people opt for the metro over private vehicles, the greater the reduction in vehicular emissions, which will help improve the air quality of the city and its surrounding areas. In addition, the DMRC has introduced several measures to make travel more convenient for passengers, the statement read. These include the ability to book single or multiple journey tickets through various digital platforms, allowing passengers to plan their journeys anytime and anywhere without the need to stand in queues at the station. Furthermore, partnerships with organisations such as IRCTC, NCRTC, ITPO, and others have made it easier for people to not only travel by metro but also access interconnected travel options, along with various offers and events, all with seamless ease, the statement said. The DMRC also stated that it is one of the most <keyword id="24050954" type="General" weightage="20" keywordseo="environmentally-friendly-transport" source="keywords">environmentally friendly transport</keyword> options and the first metro system in the world to be registered for carbon credits with the United Nations for its environmental measures.

Severe pollution pushes Delhi Metro to record its highest-ever daily ridership on November 18

The bad assets or gross <keyword id="19964545" type="General" weightage="20" keywordseo="NPAs" source="keywords">NPAs</keyword> of commercial <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> fell to a 12-year low of 2.8% in March 2024 and may go down further to 2.5% by the end of the current fiscal, said the <keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="269" meta.entityid="RBI">RBI</keyword>'s <keyword id="678734" type="General" weightage="20" keywordseo="Financial-Stability-Report" source="Orion">Financial Stability Report</keyword> (FSR) released on Thursday. <keyword id="19982351" type="General" weightage="20" keywordseo="Scheduled-Commercial-Banks" source="keywords" meta.keywordsubtype="org" meta.entityname="Scheduled Commercial Banks" meta.hostid="269" meta.entityid="Scheduled Commercial Banks">Scheduled Commercial Banks</keyword>' (SCBs) gross <keyword id="6401657" type="General" weightage="20" keywordseo="non-performing-assets" source="Orion">non-performing assets</keyword> (<keyword id="19982350" type="General" weightage="20" keywordseo="GNPA" source="keywords">GNPA</keyword>) ratio fell to 2.8%, and the net non-performing assets (NNPA) ratio to 0.6% at the end of March 2024. "The asset quality of SCBs recorded sustained improvement, and their GNPA ratio moderated to a 12-year low in March 2024. Their NNPA ratio too improved to a record low," said the June FSR. Among bank groups, public sector banks (<keyword id="20012926" type="General" weightage="20" keywordseo="PSBs" source="keywords">PSBs</keyword>) recorded a substantial reduction (76 bps) in their GNPA ratio during H2 2023-24. While the GNPA stock decreased across all bank groups, active and deep provisioning by PSBs and foreign banks (FBs) resulted in an improved provisioning coverage ratio (PCR) in March 2024, the report said. The half-yearly slippage ratio (viz, new NPA accretions as a share of standard advances) decreased across bank groups. Though the amount of write-offs declined during the year, the write-off ratio remained almost at the same level a year ago due to a reduction in GNPA stock, the FSR said. Overall, it added the sustained reduction in the GNPA ratio since March 2020 has been primarily due to a persistent fall in new NPA accretions and increased write-offs. The RBI said macro stress tests are performed to assess the resilience of SCBs' balance sheets to unforeseen shocks emanating from the macroeconomic environment. These tests attempt to assess capital ratios over a one-year horizon under a baseline and two adverse (medium and severe) scenarios. "The GNPA ratio of all SCBs may improve to 2.5% by March 2025 under the baseline scenario," the report said. However, if the macroeconomic environment worsens to a severe stress scenario, the ratio may rise to 3.4%. Under the severe stress scenario, the GNPA ratios of PSBs may increase from 3.7% in March 2024 to 4.1% in March 2025, whereas it may go up from 1.8% to 2.8% for private sector banks and from 1.2% to 1.3% for FBs. The <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">Financial Stability</keyword> Report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability. The report further said deposit mobilisation by SCBs gathered pace during 2023-24, with a large portion of new accretions in the form of term deposits. "Interest rates became more attractive as banks stepped up efforts to mobilise funds to match the rapid rise in credit demand. Growth in current account and savings account (CASA) accelerated across all bank groups," the RBI said. According to the report, bank credit accelerated during H2 2023-24 among public sector banks (PSBs) and foreign banks (FBs), whereas it moderated in respect of private sector banks (PVBs). The share of credit to the services sector and personal loans in the aggregate loan portfolio increased. Personal loans accounted for over half of PVBs' <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>. The expansion in personal loans was broad-based, led by housing loans and followed by other personal loans.

Banks' gross NPAs at 12-yr low, may fall further to 2.5%: RBI report

<ul><li>The hospitality sector saw 23 <keyword id="142429" type="General" weightage="20" keywordseo="credit-rating" source="Orion">credit rating</keyword> upgrades, with no downgrades at all in FY24, says ICRA.</li><li>Auto, financial sector, power, realty and transport infrastructure also saw several upgrades.</li><li>Agriculture, chemicals, construction and apparel sectors saw the most downgrades. </li></ul> The fiscal year of FY24 continued the ‘upgrade momentum’ that was set into motion in FY22, said the credit rating agency ICRA. Two entities had been upgraded for every entity downgraded during the year, the rating agency said in a report released on Monday. The biggest winner for the year is the hospitality sector — with 23 upgrades and an upgrade rate of 37%. And, there were no downgrades at all. ICRA maintains a positive outlook on the Hospitality sector for FY2025 as well. The other sectors which saw the most number of upgrades include auto and auto components, finance, power, realty and transport infrastructure. On the other hand, sectors which saw the most number of downgrades are — agricultural food and other products, chemicals and petrochemicals, construction, textiles and apparel. Company-specific factors While entities in aviation, hospitality, auto &amp; auto components, and banks gained from the industry tailwinds in FY24 – that’s not the only factor behind most upgrades. “A large majority of rating upgrades were driven by company-specific factors such as expansion in market share or order book, improvement in the cost structure, reduction in project risk, or fresh equity infusion that strengthened the balance sheet,” says K Ravichandran, chief rating officer at ICRA said. Overall, credit profiles continued to improve last year. The number of instances of defaults dipped to five in FY24, compared with 22 in FY23 and 42 in FY22. “Corporate India has shown a high resilience to withstanding the rise in borrowing costs over the past two years and is seen to have the capacity to bear the current level of interest rates before the rate cut cycle likely begins in the latter part of the year,” said Ravichandran. Banks &amp; NBFC asset profiles at decadal best The financial sector has also been one of the best-performing sectors for the year in terms of credit profile. It saw an upgrade rate of 13%, next only to auto. Its downgrade ratio is also low at 2%. “The asset quality of banks and NBFCs has also been at its decadal best with the profitability and the capitalisation indicators expected to remain healthy in the near term. The series of proactive actions taken by the regulators (RBI and SEBI) in recent years would work to further strengthen the financial system and the capital markets,” opines Ravichandran. He, however, added that the key downside factors that could derail progress in multiple sectors are the monsoons and complicated geopolitical landscape. Two wars, the Red Sea crisis and sluggish exports had been weighing on India in FY24. “Yet, these did not feel heavier as domestic consumption demand across several sectors, government spending on public infrastructure, and healthy balance sheets lent support to the credit profiles of entities,” says ICRA. In FY25, the rating agency expects India’s GDP to expand by 6.5%, with the average retail inflation estimated to be moderate at 4.6%.

Two entities upgraded for every downgrade in FY24, hospitality sector records 23 upgrades: ICRA

<ul class="summary-list"><li>Alli Peck made $184,000 as a program manager at an engineering startup.</li><li>In 2021, she and her husband moved to Las Vegas, subsequently quitting her job and taking a 20% pay cut.</li></ul>This as-told-to essay is based on a conversation with 35-year-old Alli Peck, a mechanical engineer and program manager. Her salary and employment history have been verified by Business Insider. The following has been edited for length and clarity.I worked in the corporate world for 10 years as a mechanical engineer and program manager.It was a rough start. My first job was at a startup that designs and develops medical devices, and I made a huge mistake in my first <a target="_blank" href="https://www.businessinsider.com/how-to-negotiate-a-salary-2018-3">salary negotiation</a>. I had two job offers, and the startup asked how much the other offer was. I said $68,000, and they offered to pay me $68,500.They probably would've paid me a lot more if I hadn't told them a number. Given that I have a bachelor's and master's degree in biomedical engineering, that was way too low of a starting salary, I later found out.But I was three months out of school and needed a job really badly.Learning this lesson was hard: Don't ever say the first number when <a target="_blank" href="https://www.businessinsider.com/pay-job-salary-resesarch-bonus-compensation-negotiation-2023-9">you're negotiating</a> — ask for a range or a budget they're working with. If they push you for a number, say, "I'm interviewing at companies that are offering X amount," and give an amount that's about 15% more than what you're currently getting paid.<h2>I had to keep negotiating at every job to catch up</h2>My next job was for another medical device company in the Bay Area. This time, I negotiated and was offered $85,000.I had disadvantaged myself by starting out at $68,500; it's <a target="_blank" href="https://www.businessinsider.com/how-to-negotiate-salary-earn-more-2017-9">hard to negotiate</a> a 25% raise going from job to job, but that's essentially what I had to do to catch up to my counterparts who, five years in, were making $120,000.A year later, I landed a job at a company I'd applied to three times before. I made $93,000 as an engineer, and after four years and a role change to project manager, I'd worked my way up to $140,000.I also received stock as part of my <a target="_blank" href="https://www.businessinsider.com/comparably-large-companies-with-best-compensation-ranking-2022-10">compensation package</a> and annual bonus. The value of the stock rose steadily and it was a huge booster for me financially. In 2019, at the age of 30, I was able to take $105,000 in stock and use that as part of a down payment on a house on the beach.After the pandemic hit, I started working for another startup that said I could be <a target="_blank" href="https://www.businessinsider.com/employees-work-from-home-benefits-as-good-as-raise-2023-8">fully remote</a>. I negotiated a huge pay bump and started making $167,500, which increased to $184,000 after I got a 10% raise.<h2>We moved to Vegas on a whim</h2>In 2021, a few months after starting that job, my husband and I were at dinner with a friend at a <a target="_blank" href="https://www.businessinsider.com/best-things-to-do-las-vegas-weekend-what-to-skip-2023-10">Las Vegas</a> casino and met a couple who mentioned they were selling their house in Vegas.They showed us photos and I fell in love. My husband and I hadn't even been talking about moving, but I got the couple's phone number, and the next day, we made an offer on that house and put our house in California up for sale.By October 2021, we had sold our home in California and started our new life in Vegas.<h2>Expected to come back to the San Francisco office</h2>In January 2022, the startup said they wanted everyone to <a target="_blank" href="https://www.businessinsider.com/return-to-office-mandates-employees-managers-fight-messy-remote-work-2023-11">come back into the office</a> in San Francisco.We agreed I would work Wednesdays, Thursdays, and Fridays in the office, so for a while, I was flying between Vegas and San Francisco every week. It was around four hours door-to-door, each way.My husband and I even bought an RV and tried living in an RV park in San Francisco for two months. But it was too expensive and wasn't sustainable.<div type="image" title="Alli Peck, wearing a blue baseball cap and a black t-shirt and shorts, poses in front of her RV." height="1276" width="1080" msid="108237005" hostid="261" sizebytes="98364"></div>My husband and I had a really serious talk and decided it was time for me to start <a target="_blank" href="https://www.businessinsider.com/i-want-to-quit-my-job-will-it-get-better-2023-5">looking for a new job</a>.<h2>Despite the pay cut, still a smart decision</h2>I found a remote job at a large company based near Seattle and sent a message to a recruiter. Within two weeks, I had an offer.They offered me $145,000, a 20% pay cut from the $184,000 I was making at the startup. The change was shocking. After all, <a target="_blank" href="https://www.businessinsider.com/american-millennials-would-take-pay-cut-better-work-life-balance-2024-2">who takes a 20% pay cut</a>?But my husband and I did the math.<a target="_blank" href="https://www.businessinsider.com/personal-finance/healthy-money-conversations-valentines-day-2022-2">Money is a regular topic of conversation</a> for us. I didn't grow up very financially literate, but my husband has taught me a lot about money; we go on walks with our dog every day, and we talk about finance, our investments, our debt, where the biggest interest rate is, and what our priorities are.We decided that taking the job would be a smart decision for us for a few reasons.For example, there's <a target="_blank" href="https://www.businessinsider.com/personal-finance/states-with-no-income-tax-map">no state income tax in Nevada</a>, so my take-home pay was almost exactly the same. I was making around $9,000 a month after taxes at both companies, give or take a few hundred dollars. I also negotiated a $25,000 starting bonus for myself.In the Bay Area, I was working about 65 hours a week, not atypical for a startup. Meanwhile, at the remote job, I would only be working 40 hours a week.The property tax in Vegas is half that of the Bay Area. I was paying $5,300 a year in property tax on my house in California. Now, I own a house triple the size of my California house and I'm paying only $4,200 a year in property tax.The <a target="_blank" href="https://www.businessinsider.com/top-states-with-highest-living-expenses-2023-8">cost of living</a> is also so much lower. My husband and I go to Trader Joe's in Las Vegas twice a week and spend $80 twice a week, or $640 monthly. In the Bay Area, we were spending over $1,000 a month on groceries.Because of this lower cost of living, I was able to contribute almost $2,000 to my 401(k) retirement plan every month and save more for the future, rather than live paycheck to paycheck as we had in California with two car payments, our mortgage, utilities, HOA payment, student loan payments, credit card payments, and food and gas.<h2>I love everything Vegas has to offer</h2>We love Vegas. Back in the Bay Area, I had a two-hour daily commute. Now that I have two hours back in my day, I go to yoga in the morning and have time to cook for myself at home, which helps me save even more money.I lived in a 1,000-square-foot townhouse before, and my husband and I could hear each other's work calls in different rooms. Now my house is 3,500 square feet, and I love that I can have space in my house to do content creation and podcasting. I also have a huge pool and amazing neighbors.And there's a lot to do here — some of the <a target="_blank" href="https://www.businessinsider.com/las-vegas-first-visit-things-to-do-from-frequent-traveler-2023">best entertainment in the world</a>, some of the best sports in the world. It's still close enough to California where I can visit my parents when I want. And I like the weather, the dry climate, and the fact that it's sunny every day.<h2>I miss the ocean, but the move was worth it</h2>Our house used to be a five-minute walk to the beach, and every morning I would wake up and walk to the beach. Whatever issues I was facing and whatever stress I felt, looking at the ocean and how big it is just helped me put my problems in perspective. I miss that.Still, the move was totally worth it, thanks to the friends we've made here and the businesses we've started. We were able to start a <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-invest-in-real-estate-make-money">real estate investment portfolio</a> with multiple rental properties because of the money we saved with the lower cost of living.Salary is a very small piece of the puzzle. You really need to look at your expenses, your take-home pay, and your financial goals. If you are saving for something huge like surgery, a house, a car, or a vacation, maybe a pay cut wouldn't be a smart idea.But if you're like me and you're transitioning to a place with lower expenses and lower taxes, it can make sense. It's important to look at the whole picture.If you took a pay cut after being laid off or fired and would like to share your story, email Jane Zhang at <a target="_blank" href="mailto:janezhang@businessinsider.com">janezhang@businessinsider.com</a>.

I left California for Las Vegas. Even after a $39,000 pay cut, my house is bigger, my 401(k) contributions went up, and the quality of my life improved.

<ul><li>The credit ratio is in line with the positive credit quality outlook <keyword id="6359483" type="General" weightage="20" keywordseo="crisil" source="Orion">CRISIL</keyword> Ratings had articulated earlier. </li><li>Credit ratings on nearly 80 per cent of the CRISIL Ratings portfolio was reaffirmed. </li><li>The performance of upgraded companies improved significantly over the past three fiscals, despite the pandemic. </li></ul> Debt light balance sheets, domestic demand and better cash flows has resulted in higher credit ratio during the first half of FY23, said CRISIL Ratings. According to CRISIL Ratings the corporate credit ratio (upgrades vs downgrades) continues to be high -- at 5.52 times in the first half of this fiscal (H1-FY23) - underscoring ongoing broad-based improvement in India Inc's credit quality. The credit ratio was 5.04 times in the second half of the last fiscal (H2-FY22). Three reasons stand out: 1) strengthening domestic demand, with the economy expected to grow 7.3 % this fiscal; 2) higher realisations leading to better cash flows; and 3) continuation of debt-light balance sheets as capex remains low, CRISIL Ratings said. The credit ratio is in line with the positive credit quality outlook CRISIL Ratings had articulated earlier - that upgrades will far outnumber downgrades through this fiscal. Credit ratings on nearly 80 % of the CRISIL Ratings portfolio was reaffirmed, or there was no change during H1-FY23. For the rest of the portfolio, what has changed is the upgrade rate, which increased to 16.70 %, while the downgrade rate was flattish at 3.02 %. In all, there were 569 upgrades and 103 downgrades. According to the credit rating agency, the performance of upgraded companies improved significantly over the past three fiscals despite severe pandemic-related disruptions. "Around 35 % of all upgrades were from the infrastructure sector (including large realty players). Infrastructure sector is in a unique position of largely being a domestic story and generally decoupled from the global headwinds. Here, upgrades were driven by improved operating cash flows, completion of crucial project milestones and equity infusion. Over the last few years increasing share of central counterparties in infra projects has led to more predictable payment cycles providing additional comfort to credit quality," said <keyword id="909587" type="General" weightage="80" keywordseo="gurpreet-chhatwal" source="Orion">Gurpreet Chhatwal</keyword>, Managing Director. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-fall-in-early-trade-on-weak-global-trends-fii-outflows/articleshow/94612214.cms">Markets fall in early trade on weak global trends, FII outflows</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-falls-38-paise-to-81-78-against-us-dollar/articleshow/94611224.cms">Rupee falls 38 paise to 81.78 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/news/the-e-auction-closing-date-of-1200-gifts-given-to-pm-modi-extended/articleshow/94610736.cms">The e-auction closing date of 1,200 gifts given to PM Modi, extended</a>

Indian corporate credit quality remains strong in H1 of FY23: CRISIL

<a href="https://www.businessinsider.com/one-planet"></a><div type="image" title="The toucan's namesake company is developing a blockchain-based registry for carbon credits." height="1113" width="2226" msid="99694989" hostid="261" sizebytes="118576"></div><ul class="summary-list"><li>Startups including Toucan and Topl are building blockchain tools for issuing carbon credits.</li><li>Blockchains, they have said, make the climate data behind the credits more transparent.</li><li>After initial resistance, climate organizations such as Gold Standard are exploring the technology.</li></ul>Carbon credits are supposed to be a straightforward way for companies to help bankroll projects that help preserve the environment in exchange for their own not-so-climate-friendly activity. In practice, though, carbon markets are far from transparent, and it's an open question whether the credits are effective at all.Several companies, including Toucan, <a href="https://www.businessinsider.com/web3-crypto-climate-startup-return-pitch-deck-kieran-white-tesla-2022-11">Return</a>, Topl, and <a href="https://www.businessinsider.com/open-forest-protocol-startup-pitch-deck-climate-tech-crypto-blockchain-2023-1">Open Forest Protocol</a>, are now aiming to improve the transparency and reliability of carbon credits by coupling climate initiatives with blockchain technology. Lately, even some big, established names in the industry are beginning to explore the idea.<div type="image" title="Left: Erin Murphy, the chief growth officer of Topl, previously worked in development aid and fair-trade fashion." height="700" width="1400" msid="99694991" hostid="261" sizebytes="51168"></div><h2>The need for greater transparency in carbon markets</h2>Companies buy carbon credits to offset the amount of greenhouse-gas emissions their business activity generates. Those funds go toward environmental initiatives, including reforestation projects. As companies produce emissions, those projects, in theory, are supposed to reduce their impact.But it's not clear if those projects do, in fact, meaningfully reduce carbon emissions. In January, <a href="https://www.theguardian.com/environment/2023/jan/18/revealed-forest-carbon-offsets-biggest-provider-worthless-verra-aoe" target="_blank" rel="noopener">The Guardian published an investigation</a> that found 90% of the rainforest-carbon credits that Verra, one of the largest nonprofits in the industry, issued were worthless because the projects they were tied to did not meaningfully reduce carbon emissions. Verra has contested The Guardian's report, but Verra has also announced that it will introduce a new methodology for its carbon-credit standard.Even before the results of that investigation, scientists and technologists in the climate industry had long bemoaned the challenges of <a href="https://www.businessinsider.com/fund-carbon-removal-corporates-avoid-bad-credits-2023-2">bringing quality climate initiatives to voluntary-carbon markets</a>. Some have cited the prohibitive costs for smaller, locally based initiatives to gain verification with an organization such as Verra or Gold Standard. Others have pointed to the need to establish more rigorous vetting standards, which they believe collaboration among various groups — including companies, nonprofits, and local residents — could best help accomplish."It's a fundamental issue in the space," Erin Murphy, the chief growth officer of Topl, which has developed a blockchain specifically designed for climate-related applications, said. "We want to see more competition, more scientific rigor in this space."Before joining Topl, Murphy worked in development aid and fair-trade fashion, where she gained an interest in using technology to trace the provenance of materials and verify their green bona fides.<div type="image" title="Salmeron Barnes, a cofounder of Aureus Earth." height="382" width="765" msid="99694992" hostid="261" sizebytes="14992"></div><h2>The potential benefits of credits on the blockchain</h2>That's where blockchain technology comes in, Murphy and other proponents said. Crypto, of course, has faced an onslaught of criticism following the failure of companies including <a href="https://markets.businessinsider.com/news/currencies/ftx-timeline-sam-bankman-fried-bankruptcy-trial-alameda-sec-doj-2023-1">FTX</a>, BlockFi, and Celsius. But some in the climate industry believe blockchain technology itself — outside of speculation on particular currencies — can provide greater transparency to the carbon-credit markets by bringing together various groups to evaluate a project's merits, incentivizing their participation, and clearly laying out the criteria used to generate a particular credit.The blockchain-based system, they said, can also guard against the same credit being issued to more than one company — an issue known as double-counting. And as several blockchains — <a href="https://markets.businessinsider.com/news/currencies/ethereum-merge-explained-blockchain-update-cryptocurrency-bitcoin-crypto-eth-vitalik-2022-9">most notably ethereum</a> — have sought to reduce their energy consumption, the technology has become more palatable to those conscious of their carbon footprints.Aureus Earth, which is developing financial tools to encourage reduced carbon emissions in the construction and real-estate industries, turned to blockchain technology to boost its data-collection process' rigor, Salmeron Barnes, the company's cofounder and managing director, told Insider."The decentralized verification capability, and the promise of new low-emissions blockchain offerings, are what attracted AE to create a blockchain-based registry," he wrote in an email.<div type="image" title="John Hoopes, a cofounder of Toucan." height="750" width="1500" msid="99694993" hostid="261" sizebytes="46382"></div><h2>After initial resistance, the climate industry is opening up to blockchain</h2>To be sure, early attempts to move carbon credits onto the blockchain have faced some speed bumps.When Toucan, in late 2021 and early 2022, first began moving existing carbon credits from Verra onto the blockchain, the process resulted in a <a href="https://time.com/6181907/crypto-carbon-credits/" target="_blank" rel="noopener">flood of older — often low-quality — credits on its registry</a>. In response, Verra banned such credit conversions last May. John Hoopes, a cofounder of Toucan, told Insider the company intended its initial conversions of credits onto the blockchain to be a small pilot, but received much more interest than anticipated.Despite the flaws of that initial attempt, it showed ample market demand for blockchain-based carbon credits, Hoopes said.Other established organizations are beginning to take notice of the technology's different use cases. In September, <a href="https://digitalx.undp.org/topl_1.html" target="_blank" rel="noopener">the United Nations Development Programme placed Topl in its Digital X catalog</a> of digital tools to address issues including the climate crisis, gender inequity, and global-health disparities.And after early resistance, even large, standard-setting organizations such as Verra and Gold Standard have shown willingness to explore the technology. Verra completed a consultation on blockchain technology in January and plans to finalize its approach "in the near future," a spokesperson told Insider.Meanwhile, Gold Standard is working with several startups to develop a potential set of standards for blockchain-enabled credits. A spokesperson said that the company hasn't made a final decision on whether to enable the use of blockchain but is "looking carefully at how uses of the technology can be enabled to realize the benefits it can offer."Hoopes, whose startup is among those invited to work with Gold Standard on its blockchain pilot, is optimistic."Getting that first authorized credit tokenized is going to be a real milestone," he said. "Once we have a framework established, then we're going to be able to go nuts on building out all these use cases and proving that blockchain-based carbon registries are better than the alternative."In case you missed it, <a href="https://www.youtube.com/live/xlSZrPlRGbA?feature=share" target="_blank" rel="noopener">watch a replay</a> of Insider's One Planet virtual event with activist and artist Elijah McKenzie-Jackson.

Startups want to use blockchain technology to improve the carbon-credit markets. Here's why big names in the climate industry are warming up to the idea.

In an analysis by <keyword id="125045" type="General" weightage="80" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword>, Indian banks' <keyword id="19445551" type="General" weightage="100" keywordseo="viability-ratings" source="Orion">Viability Ratings</keyword> (VR) are slated to experience a boost from an enhanced operational landscape and amplified performance in the foreseeable future. Fitch foresees the continuation of robust Viability Ratings (VR) for Indian banks, largely propelled by the bolstering operating conditions and sustained financial performance in the short run. The <keyword id="19452785" type="General" weightage="50" keywordseo="issuer-default-ratings" source="Orion">Issuer Default Ratings</keyword> (<keyword id="133785" type="General" weightage="20" keywordseo="IDRs" source="Orion">IDRs</keyword>) are expected to maintain a steady course across banks. The IDR pivots on Fitch's anticipation of exceptional support from the Indian sovereign (BBB-/Stable) if the need arises. Notably, two Indian banks' VRs received upgrades in 2023. There's potential for upward adjustments for several banks, buoyed by an expectation of maintaining the current positive financial performance, particularly in asset quality and earnings. The revision of the operating environment score from 'bb' to 'bb+' has significantly contributed to supporting Fitch's overall assessment. The Viability Ratings of Indian banks are diversified, with five out of eight placed within the 'bb' category. This placement underlines a moderate level of financial strength. On the other hand, the remaining three banks possess VRs in the 'b' category, a status influenced by their risk profiles, past weaker financial metrics, and more vulnerable loss-absorption buffers compared to higher-rated counterparts. Fitch emphasizes that risk profiles and capitalization will significantly affect the standalone credit profiles of the banks. This aspect gains prominence amid the banks' expanding risk appetite, a crucial area under evaluation for their individual creditworthiness. (ANI)

Fitch Ratings: Indian banks' viability ratings set to flourish amid improved conditions

<ul class="summary-list"><li>The outlook for <keyword id="6354680" type="UNKNOWN" weightage="60" keywordseo="credit">credit</keyword> for industrial companies reached its best level in 15 months in March. </li><li>Industrial <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> have been gaining on economic growth prospects and an <keyword id="17408" type="PERSON" weightage="60" keywordseo="infrastructure">infrastructure</keyword> bill in the pipeline. </li><li>The S&amp;P <keyword id="62413" type="COMPANY" weightage="60" keywordseo="industrials">Industrials</keyword> sector has gained about 8% this year. </li></ul>The strongest credit outlook for US industrial companies in more than a year and work in Washington on an infrastructure bill should support further stock gains for the sector.A forward-looking index of credit opinions for industrial companies in March rose to its highest level in 15 months, with improved conditions arriving as shares of industrial firms, as a whole, have outpaced other sectors this year.The Credit Consensus Indicators index came in at 50.6 in March, the best level since December 2019, said Credit Benchmark, which monitors internal credit risk views from more than 40 global financial institutions. The index in February was at 48.7 and readings below 50 indicate deterioration in <keyword id="889508" type="PERSON" weightage="60" keywordseo="credit-quality">credit quality</keyword>.The brighter credit outlook was supported by expansion in the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> since it slumped into recession in 2020 as the COVID-19 crisis ramped up. The Commerce Department on Thursday upwardly revised its estimate of fourth-quarter 2020 growth to 4.3% from 4.1%.For March credit readings, the "real standout this month is the US," said Credit Benchmark in a note Thursday. "There may be also be growing optimism for the UK and EU, whose CCI scores inched closer to 50, although the EU's economy isn't as strong as the US' and it has had struggles with vaccinations."Economists have said the vaccination of millions of Americans from the coronavirus crisis and fiscal <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> packages passed in Washington - including the massive $1.9 trillion bill greenlighted in March - are key factors driving the recovery. But supply chain issues could also temper expectations in the industrial space, said Credit Benchmark. Cyclical stocks have risen this year as investors position themselves with beneficiaries of economic growth. The S&amp;P 500 Industrial Sector has gained about 8% so far this year, but lags behind the 13% rise for the financials sector.President Joe Biden is expected next week to introduce his plans to bolster infrastructure spending in the country. The proposal <a href="https://www.businessinsider.com/heres-what-could-be-in-bidens-massive-infrastructure-bill-2021-3">could be worth up to $3 trillion</a> and include focuses on roads and bridges.Among exchange-traded funds in the industrial space, the <a href="https://markets.businessinsider.com/etfs/industrial-select-sector-spdr-fund-us81369y7040">Industrial Select Sector SPDR Fund</a> and the <a href="https://markets.businessinsider.com/etfs/fidelity-msci-industrials-index-etf-us3160927097">Fidelity MSCI Industrials Index ETF </a> have each gained about 9% during 2021.

Strengthening credit quality and Biden's massive infrastructure plan is setting industrial stocks up for further big gains

<ul><li>43% of retail credit inquiries were made by consumers in the 18-30 year age group. </li><li>From a location perspective, most inquiries (31%) still come from metro areas, but this proportion is slowly declining. </li><li>Nearly one-third (32%) of consumers hold a prime credit score, up four percentage points from the same period in 2021. </li></ul>As <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>’s youngest adults are going for credit cards, consumer durable loans and personal loans – it has fuelled the number of inquiries, as per a report by <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">TransUnion CIBIL</keyword>. In the quarter ending September 2022, for the very first time, those between the ages of 18-30 accounted for the largest proportion of inquiries – a measure of consumers applying for new credit cards, said the report named Credit Market Indicator (<keyword id="271053" type="General" weightage="80" keywordseo="cmi" source="Orion">CMI</keyword>). “The fact that 43% of retail credit inquiries were made by consumers in the 18-30 year-old age group, compared to 38% in the same quarter in 2021, and 33% in the year before, indicates a major milestone in the evolution of India’s credit market, which now has stronger participation of younger consumers in the credit ecosystem,” says <keyword id="2793" type="General" weightage="80" keywordseo="rajesh-kumar" source="Orion">Rajesh Kumar</keyword>, managing director and CEO of TransUnion <keyword id="6380215" type="General" weightage="20" keywordseo="CIBIL" source="Orion">CIBIL</keyword>. Kumar added that increased access to credit is directly related to quality of life and financial empowerment of India’s youth – who he says are drivers of the country’s economic engine. In the second quarter of FY23, credit demand remained robust, with a corresponding increase in originations as lenders continued to provide credit opportunities for millions of consumers across India, the report said. Most of this is fuelled by consumption-led lending. Positive lender sentiment and consistent improvement in credit performance year-over-year also helped. Where is the credit? The most in-demand credit products during the quarter were personal loans, followed by credit cards. Inquiry volumes for personal loans increased by 109% YoY, while inquiry volumes for credit cards increased by 102% YoY. A continued feature of the retail credit evolution has been increased credit penetration. Between September 2019 and September 2022, credit penetration has improved across age groups. Consumers in the 18-30 years age group who availed at least one credit product increased from 14% to 19%. In the 31-45 year age group, it increased from 26% to 35%. And among the 46+ year cohort, it rose from 23% to 32% The number of inquiries emanating from rural areas has increased by one percentage point each year, from 20% in September 2020 to 22% of all inquiries in September 2022. Inquiries from urban and semi-urban areas have remained consistent at 21% and 26% respectively over the last three years. Analysis of the latest CMI also shows a marked improvement in borrower profiles, with nearly one-third (32%) of consumers holding a prime credit score, up four percentage points from the same period in 2021. Over the same time, 38% of near-prime consumers improved their status to prime in the September quarter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-the-amrit-kaal-powered-by-capex-rooted-in-fiscal-consolidation/articleshow/97551916.cms">Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/indias-rich-to-shell-out-more-for-luxury-cars-global-travel-but-may-have-more-to-invest/articleshow/97551072.cms">India’s rich to shell out more for luxury cars, global travel but may have more to invest</a>

Credit cards, personal loans & more – India’s youngest adults lead in credit inquiries

<ul><li>Indian banks are on course to repeat their stellar Q3 performance again in Q4, driven by a strong momentum in credit growth as well as a decline in provisions. </li><li>While strong performance is all but given, eyes are now on what lies ahead for Indian banks. </li><li>From <keyword id="182694" type="General" weightage="20" keywordseo="casa-deposits" source="Orion">CASA deposits</keyword> falling to a 7-year low in FY23, to economic slowdown forcing the brakes on <keyword id="411493" type="General" weightage="20" keywordseo="credit-offtake" source="Orion">credit offtake</keyword>, here are the key things to watch out for as Indian banks head into the Q4 <keyword id="198950" type="General" weightage="20" keywordseo="earnings-season" source="Orion">earnings season</keyword>.</li></ul>Indian banks are on course to repeat their stellar Q3 performance again in Q4, driven by a strong momentum in credit growth as well as a decline in provisions. While strong performance is all but given, eyes are now on what lies ahead for Indian banks. Analysts caution that there could be a few uncertainties on the horizon. One of those concerns is already reflected in the share of CASA (current account and savings account) deposits of banks, which have hit a 7-year low of 11.7% as part of the overall deposits. According to data from the Reserve Bank of India, since FY14, the share of CASA in overall deposits was the highest in FY22 at 12.7%. It has seen a sharp decline of 106 basis points since then. <a href="https://public.flourish.studio/visualisation/13360978/">https://public.flourish.studio/visualisation/13360978/</a> CASA deposits are one of the cheapest sources of funds for banks, and a decline in these deposits means banks have to go for relatively more expensive alternatives. While interest rate on savings account deposits has remained in the range of 3%, a hike in interest rates by the RBI’s Monetary Policy Committee (MPC) has made fixed deposits a better option – interest rate on fixed deposits has increased by an average of 100 basis points, with State Bank of India offering as much as 7% interest on FDs. Looking beyond the CASA fall: Margin pressures, risk of slowdown in loan growth Apart from the slowdown in CASA deposits, a likely increase in margin pressures and risks of a sharp slowdown in loan growth are some of the key factors to watch out for going forward, according to analysts. “We are probably closer to the peak on net interest margin for banks as the cost of funds is likely to move faster than lending yields,” said a report by Kotak Institutional Equities. Concerns of a looming economic slowdown could also lead to a slowdown in loan growth, and there are minor signs pointing at a moderation already. According to the latest data from the Reserve Bank of India, credit growth stood at 15.7% year-on-year in March 2023, down from the highs of 18% seen in October last year. This was primarily led by a slowdown in corporate loans, and “signs of some sluggishness in retail are also on the horizon due to rising interest rates”, said a report by Emkay Global. Expect healthy performance in a seasonally strong quarter The March quarter is considered a seasonally strong one for banks, and there is a broad analyst consensus that banks will post strong growth across key metrics like net interest income, net interest margins, credit growth and asset quality improvements. Analysts expect robust credit offtake, pegging the growth in loan book to be around 17%. Net interest margins are expected to remain steady as lenders continue to transmit repo rate hikes, offsetting the increase in deposit costs. “Healthy growth, steady margins and normalised credit cost is expected to keep earnings momentum unabated at 33.7% year-on-year ₹42,975 crore,” said a report by ICICI Direct. Analysts at Emkay Global have pencilled in a minor slow down on a sequential basis, but maintained that by and large, earnings growth is expected to remain healthy. While the overall scenario for Indian banks in Q4 looks optimistic and a repeat of Q3 is likely on the cards, especially post the business updates given by HDFC Bank and IndusInd Bank, the focus is now on the future outlook and it will be one of the key things to watch out for heading into the Q4 earnings season. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">FPIs offload IT, oil &amp; gas stocks worth ₹13,734 crore in March; remain net sellers of Indian stocks for 2 years running</a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-q4-revenue-likely-to-moderate-due-to-lack-of-significant-tariff-hikes/articleshow/99368163.cms">Telecom companies’ Q4 revenue likely to moderate due to lack of significant tariff hikes</a> <a href="https://www.businessinsider.in/finance/news/rbi-revises-indias-fy24-growth-outlook-expects-softer-inflation-on-the-back-of-lower-commodity-prices/articleshow/99290005.cms">RBI revises India’s FY24 growth outlook, expects softer inflation on the back of lower commodity prices</a>

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