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The net profit of <keyword id="6354972" type="General" weightage="100" keywordseo="icra" source="Orion">ICRA</keyword> for the first quarter of the current financial year rose 22.7 per cent to 31.9 crore and operating income of the company rose 7.0 per cent to Rs 49.3 crore driven by traction in new business. The Company's EPS increased by 22.7 per cent to Rs 33.2 in Q1 FY2023 against Rs 27.0 in Q1 FY2022. The quarter saw an increase in global inflation; this coupled with the upward revision of the repo rate during the quarter, has translated into increasing bond yields. The employee benefit expenses registered a decline of 2.1 per cent to Rs 28.4 crore in Q1 FY2023, accounting for 35.4 per cent of the company's total income. "Q1 FY2023 witnessed signs of an economic recession globally with inflation rising consistently and access to low-cost capital being tightened by banks and other players. Post doubling of credit growth in FY2022, banks' credit growth has remained in double digit figures," said <keyword id="1170224" type="General" weightage="50" keywordseo="ramnath-krishnan" source="Orion">Ramnath Krishnan</keyword>, <keyword id="5066833" type="General" weightage="20" keywordseo="md-group" source="Orion">MD &amp; Group</keyword> CEO, <keyword id="430616" type="General" weightage="20" keywordseo="icra-ltd-" source="Orion">ICRA Ltd.</keyword> On a consolidated basis, the company's operating income increased by 15.8 per cent to Rs 92.5 crore in Q1 FY2023 against Rs 79.9 crore in Q1 FY2022. Whereas, profit before tax stood at Rs 36.5 crore, up 10.1 per cent. Consolidated PBT stood at Rs 36.5 crore, up by 10.1 per cent. The rating agency's wholly owned subsidiary, <keyword id="14637356" type="General" weightage="50" keywordseo="icra-analytics-ltd" source="Orion">ICRA Analytics Ltd</keyword>, ICRA also achieved robust revenue growth, backed by its solid delivery model on the <keyword id="5165467" type="General" weightage="50" keywordseo="knowledge-services" source="Orion">Knowledge Services</keyword> side, and new product upgrades in other segments. The company has appointed <keyword id="900527" type="General" weightage="50" keywordseo="anand-iyer" source="Orion">Anand Iyer</keyword> as its Group Chief Technology Officer, who came on board in July this year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kalyan-jewellers-posts-108-cr-net-profit-looks-forward-to-festive-sales/articleshow/93347410.cms">Kalyan Jewellers posts ₹108 cr net profit; looks forward to festive sales</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-prices-rise-by-487-silver-gains-426-on-global-price-rise-rupee-depreciation/articleshow/93346658.cms">Gold prices rise by ₹487, silver gains ₹426 on global price rise, rupee depreciation</a>

ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23

<keyword id="107851" type="General" weightage="20" keywordseo="Housing-Development-Finance-Corporation" source="Orion">Housing Development Finance Corporation</keyword> (<keyword id="45123" type="General" weightage="20" keywordseo="HDFC" source="Orion">HDFC</keyword>) Ltd on Thursday said it will raise up to Rs 10,000 crore by issuing bonds on private placement basis to augment its long-term capital. The country's largest mortgage lender said that it will issue secured redeemable non-convertible debentures (<keyword id="92012" type="General" weightage="20" keywordseo="NCDs" source="Orion">NCDs</keyword>) on private placement basis with an issue size of Rs 2,000 crore and option to retain over-subscription of up to Rs 8,000 crore. "The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation," HDFC said in a regulatory filing. The bonds, rated AAA by Crisil and ICRA, carry coupon rate of 7.05 per cent per annum. The 10-year tenure bonds will be open for subscription to the eligible investors on November 29 and closes on the same date. <keyword id="668196" type="General" weightage="20" keywordseo="HDFC-shares" source="Orion">HDFC shares</keyword> closed 0.33 per cent down at Rs 2,870.95 apiece on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ex-rbi-chief-raghuram-rajan-believes-only-few-cryptocurrencies-will-survive-as-dead-coins-jump-by-20-in-six-months/articleshow/87913952.cms">Raghuram Rajan believes only a handful of cryptocurrencies will survive the hype — over 400 tokens have hit the dust in the last six months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/latent-view-analytics-looks-to-acquire-small-data-analytics-companies-focused-in-europe-and-us/articleshow/87911242.cms">INTERVIEW: After a blockbuster listing, Latent View Analytics looks to acquire small data analytics companies focused in Europe and US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/interview-these-former-isro-scientists-are-hoping-for-the-biggest-ever-funding-in-the-indian-spacetech-industry/articleshow/87911503.cms">INTERVIEW: These former ISRO scientists are hoping for the biggest-ever funding in the Indian spacetech industry</a>

HDFC to raise up to ₹10,000 crore next week

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

New Delhi, Apr 8 () The outbreak and spread of the COVID-19 pandemic may adversely impact the expansion plans of domestic steel makers, according to experts.Indian players had been working on expansion plans in line with the government's ambitious target of scaling up the total steel making capacity to 300 million tonne per annum (MTPA) by 2030.Many steel makers in India have scaled down their production by up to 50 per cent amid the nationwide lockdown in the wake of the pandemic.Until now several ratings agencies have been pointing out that the spread of coronavirus has adversely affected the steel markets across the world including India in-terms of prices, profit margins, affecting raw material supply chain, demand and building up of inventories.According to Jayanta Roy, Senior Vice-President and Group Head, Corporate Sector Ratings, Icra, the outbreak and spread of the novel coronavirus will take a toll on Indian steel players' expansion plans."Even before the outbreak, we have seen that some companies have deferred their plans of commissioning green field and brownfield projects," Roy said, adding that given the uncertainty that the industry is witnessing due to COVID-19 outbreak, it could have an impact.Akash Krishnatry Senior Analyst, Corporates, at India Ratings said COVID-19 pandemic is expected to push the expected India's steel capacity expansions by 3-9 months depending upon the severity, spread, duration of the virus along with the preventive measures adopted."Preventive measures like country-wide lockdowns and logistical challenges shall defer the expansion plans as steelmakers need to conserve liquidity in these times while cash flow from operations would be severely impacted."Also, continuing construction would also not be possible in these times, though overall project costs could also increase due to time overruns," he said.Rashmi Rawat, Deputy Manager - Industry Research at India Ratings - is of view that domestic steel companies may take a relook at their capital expenditure (capex) plans."We have seen some companies deferring their capex plans in the last (fiscal) year itself due to lower demand. Going forward we expect steel production to get affected due to lockdowns, muted demand and lower commodity prices. Profitability of steel companies will remain under pressure in FY21 until prices recover meaningfully," she said."In this background, we do not expect steel companies to go for capacity expansion... For expanding capacity there has to be an anticipated strong rise in demand which we are unable to foresee currently," she said.Suman Chowdhury, Chief Analytical Officer, Acuité Ratings &amp; Research said, "The distinct slowdown in the domestic economy and low commodity prices clearly will be further aggravated by the COVID-19 lockdown. We expect a complete deferral of capital expenditure by the large steel companies in FY21 given the lack of visibility on a demand pickup and also their weakening debt coverage indicators."Major Indian steel players like SAIL, Tata Steel, JSW Steel, Jindal Steel and Power Ltd (JSPL) and ArcelorMittal Nippon Steel (AMNS) India who contribute about 45-50 per cent to the India's total steel production annually have plans of ramping up their capacities.While JSW Steel has plans of expanding its capacity in India to 45 by 2030, Steel Authority of India Ltd (SAIL) has already announced its expansion plan to more than double its capacity to 50 MTPA by 2030.Similarly, JSPL looks to expand its Angul plant capacity to 20 MTPA by 2030, AMNS India plans ramp up its finished steel producing capacity to 8.5 million tonnes per annum by the end of 2024 and Tata Steel has of plans ramping capacity of its Kalinganagar plant by 5 MTPA to 8 MTPA . ABI ANS

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ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23

IANS

HDFC to raise up to ₹10,000 crore next week

PTI

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

PTI

Experts say pandemic may take a toll on domestic steel players' expansion plans

PTI

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