IOC, BPCL, HPCL lost $ 2.25 billon in revenue due to fuel price freeze: Moody’s

India’s top fuel retailers IOC, BPCL and HPCL have together lost around $ 2.25 billion (Rs 19,000 crore) in revenue between November and March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody’s Investors Service said. Petrol and diesel prices remained unchanged between November 4, 2021, and March 21 despite prices of crude oil (raw […]

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India’s domestic steel demand and production unlikely to be impacted in FY22: Moody’s Investors Services

In a report published recently, Moody’s Investors Service has said the combination of steady progress in vaccinating people and rising government spending on infrastructure will support a sustained recovery in Indian economic activity. This, in turn, will give a fillip to demand for steel and cement required for infrastructure building and construction activities. Besides Moody’s, […]

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Moody’s upgrades India’s outlook to stable, affirms rating

Ratings agency Moody’s affirmed India’s sovereign rating and upgraded the country’s outlook to ‘stable’ from ‘negative’, citing receding downside risks to the economy and financial system. The sovereign rating by Moody’s stands at ‘Baa3’—which is the lowest investment grade, just a notch above junk status. “Moody’s Investors Service has today changed the outlook on the […]

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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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Second Covid wave poses risk to India’s growth, but impact will be less severe than last year: Moody’s

The second wave of Covid infections poses a risk to India’s economic growth, but the impact will be less severe than last year, a Moody’s report said on Tuesday. It added that a focus on “micro containment” zones to deal with the current wave of infections, as opposed to a nationwide lockdown, would mitigate the economic […]

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Thermal coal earnings to improve on greater consumption in 2021: Moody’s Investor Services

Thermal coal producers’ earnings are expected to improve in 2021 with domestic coal consumption forecast to increase between 5% and 10%, Moody’s Investor Services said. While the expected improvement should aid producers in modest debt reduction, secular demand will persist over the next few years, “straining credit quality for thermal coal producers and intensifying ESG-related […]

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India will need to boost share of renewable energy to 16%-18% to meet target: Moody’s

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India will need to boost its share of renewable energy to 16%-18% from 10% of the country’s total electricity generation if it wants to achieve a target of 175-gigawatts clean energy capacity by 2022, according to Moody’s Investors Service. The country is targeting a five-fold increase in renewable energy capacity to 450 Gigawatts by 2030. Despite missed […]

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