Operating margin of primary steelmakers in India likely to increase by 500 basis points: CRISIL

Sharp increase in prices of steel will lift operating margin of primary steel manufacturers by 500 basis points (bps) to 32-33% year-on-year this fiscal, according to rating agency CRISIL. “While this will drive steelmakers to double down on capital expenditure, robust accruals will help them continue deleveraging and strengthening of balance sheets, leading to a […]

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Sprng Energy backed by UK-based fund manager Actis seeks to cancel 100 MW wind power purchase agreement with SECI

Sprng Energy, the Indian renewable energy platform set up by UK-based fund manager Actis, wants the termination of the power purchase agreement (PPA) signed with the Solar Energy Corporation of India (SECI) for its upcoming 100 mega-watt (MW) wind project. The project is most likely to be the 100 MW wind farm Sprng was to build in Dhar district of […]

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India’s GDP growth may fall below 9% in FY22 due to 2nd Covid wave: CARE Ratings Survey

Amid a raging second wave of COVID-19 and subsequent restrictions on business activities imposed by several states, economic recovery is beginning to lose steam and the country’s GDP growth is likely to be below nine per cent for the current fiscal, according to a survey. At least 80 per cent of the respondents expect consumer demand for non-essential items […]

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Moody’s cuts India growth forecast, CRISIL concurs

Moody’s Investors Service sharply cut India’s FY22 growth forecast on Tuesday to 9.3% from 13.7% estimated earlier and joined other global rating firms in trimming growth expectations for Asia’s second-largest economy amid a menacing second wave of Covid-19. Moody’s cautioned that risks from deeper stresses in the Indian economy and financial system could lead to […]

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SME chemicals sector set for rebound in revenue: CRISIL SME Tracker

Small and medium enterprises (SMEs) in the domestic chemicals sector are on course for 18-23 per cent revenue growth in the current fiscal year (FY22), mainly owing to recovery in domestic demand and higher realisation due to a rise in the prices of chemicals, stated a report from CRISIL SME Tracker. Moreover, an ongoing surge in exports as importer-countries reduce […]

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