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Business Standard
5 days ago
- Business
- Business Standard
GMR Airports hits 9-month high, regains ₹1 trillion market cap. Do you own?
GMR Airports share price today Shares of GMR Airports hit a nine-month high of ₹95.38, gaining 2 per cent on the BSE in Thursday's intra-day trade in an otherwise subdued market. The stock price of GMR Group Company was quoting higher for the fourth straight day, surging 5 per cent during the period. It was trading at its highest level since September 2024. In the past one month, GMR Airports has outperformed the market by surging 15 per cent, as compared to 1.1 per cent rise in the BSE Sensex. The stock had hit a 52-week high of ₹103.70 on July 31, 2024. A sharp rally in the stock price has seen GMR Airports regain market capitalisation of ₹1 trillion today. At 10:06 AM: with ₹100,511 crore (₹1.0 trillion) market capitalisation GMR Airports was trading 1.4 per cent higher at ₹95.19. In comparison, the BSE Sensex was down 0.11 per cent at 82,547. CARE Ratings - rating rationale On June 26, 2025, CARE Ratings upgraded its ratings from 'CARE BBB+; Stable/CARE (Triple B Plus); Outlook: Stable/Care A2' to 'CARE A; Outlook: Stable / CARE A1' for the long-term / short-term bank facilities already availed by the GMR Airports. The upgrade in ratings assigned to debt instruments and bank facilities of GMR Airports factors in full and final settlement of liabilities of GMR Rajahmundry Energy leading to elimination of potential risk related any future recourse to GMR Airports. The rating revision also factors in expected expansion of profit before interest, lease rentals, depreciation, and tax (PBILDT) with slated takeover of duty-free concessions of Delhi International Airport (DIAL) and GMR Hyderabad International Airport (GHIAL) likely from July 2025 and August 2025 onwards, respectively, and significant dividend inflow from GHIAL in line with dividend received in FY25. This is expected to improve interest coverage ratio of GMR Airports significantly compared to below unity interest coverage in the past, CARE Ratings said in its rating rationale. GMR Airports derives healthy financial flexibility being a listed holding company of two major operating Indian airports, DIAL and GHIAL. Both airports are among busiest airports in India. Ratings continue to factor favourable outlook of air passenger traffic in India, GMR Airports' strategic partnership with Aeroports De Paris (Groupe ADP), and demonstrated track record of funds raised in the past several years to meet refinancing and/or capital expenditure (capex) requirements, the rating agency said. Favourable outlook for airports business CareEdge Ratings projects a robust 9 per cent compounded annual growth rate (CAGR) in air passenger traffic over FY25- FY27, with international traffic growth expected to outpace domestic growth. This surge is driven by strong air travel demand and additional capacity creation by both airports and airlines. By FY27, passenger traffic is anticipated to reach ~485 million, reflecting the sector's strong recovery and growth trajectory. However, the sector is exposed to inherent regulatory risk with respect to timely release of tariff orders from regulators. With a substantial hike in aeronautical revenue from April 2025 onwards, increasing non-aero revenue and absence of major debt-funded capex, leverage of DIAL is expected to improve substantially marked by estimated net external debt/PBILDT of below 6x in FY26 from ~9x in FY25. GHIAL's performance has steadily improved due to benefit of complete capex leading to increase in number of passengers and aero revenue, the rating agency said.
Business Standard
6 days ago
- Business
- Business Standard
CARE Ratings assigns 'A+' rating to bank facilities of Raymond Realty
Raymond Realty (RRL) said that CARE Ratings has assigned 'CARE A+' rating to the long-term bank facilities of the company with 'stable' outlook. CARE Ratings stated that the rating assigned to bank facilities of RRL derives strength from strong operational performance supported by healthy booking status in the intermediate stage of execution, consistent improvement in annual bookings and collections of the company, and favourable market position, particularly in Thane real estate market. The rating also factors in the companys strong financial risk profile marked by current net debt free status and healthy committed receivable coverage position. The rating also factors in the presence of resourceful promoter group and experienced management profile which provides healthy financial flexibility to the company, being part of Raymond Group. However, rating strengths remain constrained by execution and marketing risk associated with sizeable development plans in the pipeline, limited track record in real estate development, moderate though improving scale of operations and limited geographic presence, and inherent cyclicality associated with real estate sector. The companys ability to timely launch planned projects, ramp up collections, while maintaining a comfortable financial risk profile, will remain a key rating monitorable. Raymond Realty (RRL) is the flagship real estate development company of the Raymond Group. On a consolidated basis, RRL has seven ongoing projects in Thane and Bandra, spanning over 45 lakh square feet (lsf). The scrip fell 2.06% to currently trade at Rs 793.75 on the BSE.
Business Standard
10-07-2025
- Business
- Business Standard
Universal Cables receives affirmation in credit ratings from CARE
Universal Cables announced that CARE Ratings has reaffirmed the rating at CARE A; Stable in respect of Long-Term Bank Facilities for Rs. 1,079.00 crore (Enhanced from Rs. 836.43 crore); CARE A; Stable / CARE A1 in respect of Long-Term / Short-Term Bank Facilities for Rs. 16.00 Crores and CARE A1 in respect of Short-Term Bank Facilities for Rs. 1,726.00 crore (Enhanced from Rs. 1,400.00 crore).
Business Standard
10-07-2025
- Business
- Business Standard
Vindhya Telelinks receives affirmation in credit ratings
From CAREVindhya Telelinks announced that CARE Ratings has reaffirmed the rating at CARE A+; Negative Outlook revised from Stable in respect of Long-Term Bank Facilities for Rs. 1,420.40 crore(Enhanced from Rs. 1,157.40 crore) and CARE A1+ in respect of Short-Term Bank Facilities for Rs. 3,746.75 crore (Enhanced from Rs. 3,226.75 crore). Powered by Capital Market - Live News
Time of India
06-07-2025
- Business
- Time of India
Adani NCD issue: Adani Enterprises launches Rs 1,000 crore NCD offer at 9.3% yield, aims to repay debt
Adani Enterprises Ltd (AEL), the flagship company of the Gautam Adani-led conglomerate, has announced a public issue of secured, rated, listed, redeemable non-convertible debentures (NCDs) worth up to Rs 1,000 crore, offering yields of up to 9.3% per annum. The NCD issue, which opens for subscription on July 9 and closes on July 22, marks AEL's second such offering to the public. The base issue size is Rs 500 crore, with a green-shoe option to retain oversubscription up to an additional Rs 500 crore, PTI reported. In a statement on Sunday, AEL said the NCDs will be available in tenors of 24, 36 and 60 months, and will offer a range of interest payment options including quarterly, annual, and cumulative structures across eight series. Each NCD has a face value of Rs 1,000, with a minimum application requirement of Rs 10,000. "This new issuance follows the strong market response to AEL's debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months — reflecting the group's consistent delivery and financial robustness," said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group. "As the incubator of India's most critical energy and transport utility platforms — including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy — AEL is successfully scaling the next generation of infrastructure businesses across airports, roads, data centres, and the green hydrogen ecosystem," Singh added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The proceeds from the issue will be used primarily for debt repayment, with at least 75% earmarked for prepayment or repayment of existing borrowings, and up to 25% for general corporate purposes, the company said. AEL's latest offering comes amid a softening interest rate cycle, offering retail and non-institutional investors a relatively high fixed-income alternative. According to the company, the NCDs are priced competitively when compared with similarly rated debt and fixed deposits. The NCDs have been rated 'CARE AA-; Stable' by CARE Ratings and '[ICRA]AA- (Stable)' by ICRA. CARE Ratings had first upgraded AEL's credit rating in February 2025 and reaffirmed it in June 2025, while ICRA assigned its rating in March and reaffirmed it last month. Instruments with this rating are considered to carry a high degree of safety regarding timely servicing of financial obligations and very low credit risk. AEL's first public NCD issue in September 2024 — a Rs 800 crore offering — was fully subscribed on day one. The company claims it remains the only non-NBFC corporate offering listed debt products tailored for retail investors. The lead managers for the issue are Nuvama Wealth Management Ltd, Trust Investment Advisors Pvt Ltd and Tipsons Consultancy Services Pvt Ltd. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
