Latest news with #CareRatings
New Indian Express
03-07-2025
- Business
- New Indian Express
SAT quashes SEBI ban on former Care Ratings CEO, terms order a 'misadventure'
MUMBAI: The Securities Appellate Tribunal (SAT) has overturned an order issued by the markets regulator SEBI banning Rajesh Mokashi, the former managing director and chief executive of Care Ratings, for allegedly securing favourable ratings for a few issuers rated by his agency. The markets regulator SEBI had in April 2023 had debarred Mokashi from associating with any stock markets or market intermediaries for two years. The tribunal has also imposed a penalty of Rs 5 lakh on the Securities and Exchange Board for causing 'irreparable damages' to the appellant's reputation. The tribunal in its order dated June 27 and uploaded on its website Wednesday also said SEBI caused reputational and financial damage to Mokashi and wasted judicial time, while ignoring justice BN Srikrishna's exoneration in the ratings case. 'The SEBI action had also caused a colossal loss of judicial time and resources, as well as financial loss, and loss of further opportunities,' the order said. 'This is an unfortunate case in which the SEBI had directed Care Ratings to send the appellant on leave till completion of the forensic audit…Though the Srikrishna report had returned a categorical finding that there was no evidence to suggest that the appellant had interfered with or influenced the rating decision, SEBI embarked on another misadventure to conduct one more proceeding through its WTM,' the SAT order noted.
Time of India
03-07-2025
- Business
- Time of India
Green shoots to greenbacks: Actis eyes BluPine sale
New Delhi: UK-headquartered private equity firm Actis is weighing a sale of up to 100 per cent of its stake in Gurgaon-based renewable energy platform BluPine Energy in a deal that could value the company at $1.3-1.4 billion (about ₹11,138-12,000 crore), according to people familiar with the matter. Actis has approached multiple potential buyers, including strategic investors, for exploratory talks through its advisor on exiting the company it had launched four years ago with an $800 million commitment, the people said. If the sale goes through, it could mark Actis' third major renewable energy exit in India, following the sale of Sprng Energy to Shell for $1.55 billion in 2022 and of Ostro Energy to ReNew Power in 2018. Early exit helps return capital faster Actis is pursuing a full or partial exit from the company while much of its portfolio remains under construction, in order to de-risk its position and accelerate returns to investors, according to people with knowledge of the matter. 'The valuation will rise after commissioning, but even an earlier exit at a slightly lower value allows Actis to return capital faster, demonstrate performance and support its next fundraising,' said the person cited earlier. Another industry executive said that as a financial, not strategic, investor, Actis is focused on faster capital rotation if it ensures strong returns. As of February, BluPine Energy had a 3 GW portfolio, including 1.1 GW of operational assets and 1.9 GW under construction, according to a March report by Care Ratings. The company aims to build an overall renewable capacity of 4 GW. Actis and BluPine Energy declined to comment. Actis had infused $468 million into BluPine Energy by February, out of its total $800 million commitment from its Actis Energy 5 fund, according to Care Ratings. BluPine Energy is led by Neerav Nanavaty, former India CEO of French utility Engie, who has built the platform from the ground up—initially through acquisitions, later moving to greenfield development. Solar projects dominate the company's 3 GW portfolio, accounting for 76 per cent of capacity, while wind and hybrid assets make up 13 per cent and 12 per cent, respectively. The average tariff for its operational portfolio is ₹3.91 per unit, per Care Ratings. An increasing number of renewable energy platforms in India are looking for buyers, even as investor appetite has cooled compared to the previous financial year, when some large deals were closed. Gentari, the renewable energy arm of Malaysian state oil company Petronas, is seeking to sell up to 50 per cent of its India business. It has a portfolio of 4 GW of operating assets and 4 GW under construction assets. Edelweiss Infrastructure Yield Plus is planning to sell its entire 74 per cent stake in the 1.2 GW solar platform it co-owns with Engie. Globally, momentum behind renewables has softened. Fossil fuel companies are under less pressure to decarbonise, especially following the return of pro-fossil fuel President Donald Trump to the White House earlier this year.
Reuters
01-07-2025
- Business
- Reuters
India's Adani Enterprises to sell 2-5 year debt at public bond sale next week, sources say
MUMBAI, July 1 (Reuters) - Indian billionaire Gautam Adani's flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday. Adani Enterprises ( opens new tab will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added. The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said. For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added. Adani Enterprises did not reply to a Reuters request for comment. This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30–60 basis point drop in rates across tenors this time. The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said. Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising. Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act. Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing. ($1 = 85.6375 Indian rupees)
Yahoo
19-05-2025
- Business
- Yahoo
Texmaco Rail & Engineering Ltd (BOM:533326) Q4 2025 Earnings Call Highlights: Robust ...
Release Date: May 17, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Texmaco Rail & Engineering Ltd (BOM:533326) reported a significant revenue growth of 48.5% year-on-year, reaching INR 5,107 crore. The company's EBITDA increased by 57.6% year-on-year, with a margin of 10.3%. Texmaco Rail & Engineering Ltd (BOM:533326) established strategic global partnerships with European and US-based firms, enhancing its international market presence. The company delivered 10,612 freight cars in the year, marking a 51% increase from the previous year. Care Ratings upgraded the company's long-term and short-term facilities, reflecting an enhanced credit profile and increased lender confidence. There was a noted decline in wagon production in the fourth quarter, attributed to supply chain issues, particularly with wheel supply. Margins in the fourth quarter were lower than expected, partly due to one-off expenses and provisions. The infra business segment did not contribute significantly to profits, remaining similar to the previous year's performance. The company's asset turnover ratio declined due to the acquisition of Texmaco West, impacting overall efficiency. Cash flow from operations has been a concern, with significant discrepancies between EBITDA and cash generation over the past five years. Warning! GuruFocus has detected 4 Warning Signs with BOM:533326. Q: Why is there a decline in wagon production? Has there been any problem with wheel supply? A: Sudha Mukherji, Managing Director, explained that wagon production should not be evaluated on a quarter-to-quarter basis due to varying supply chains and lead times. The production numbers should be viewed in continuity, considering the increase in private and export market shares. Q: Is there a possibility to exceed FY25 production numbers in FY26, especially with a higher share of private wagons? A: Sudha Mukherji confirmed that the company is focused on maintaining growth momentum and is optimistic about achieving significant growth across all business segments. Q: What is the expected timeline for the commercialization of the strategic partnerships with Trinity Rail Group and Neromo? A: Sudha Mukherji stated that the Global Capability Center (GCC) will begin commercial transactions within the financial year. The partnership with Trinity Rail focuses on global sourcing, while Neromo's high-speed rail technology is being explored for potential applications in India. Q: How do you see order inflow for FY26 given the lack of large tenders from Indian Railways? A: Sudha Mukherji expressed confidence in the government's execution of plans and expects significant wagon orders to be released. The private sector is also expected to remain bullish, contributing to order inflow. Q: What is the outlook for exports, and how much revenue do you expect exports to contribute in the future? A: Sudha Mukherji aims for exports to constitute around 20-25% of revenue across all verticals, with a focus on achieving a 60/30 ratio in the rolling stock and casting division. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Business Standard
17-05-2025
- Business
- Business Standard
Care Ratings reaffirms CD rating of IndusInd Bank at 'A1+'
IndusInd Bank said that the credit rating agency Care Ratings has reaffirmed its 'CARE A1+' rating on the certificate of deposit (CD) of the bank. Care Ratings stated that the reaffirmation of the rating assigned to the certificate of deposit (CD) programme of IndusInd Bank Limited (IBL) factors in comfortable capitalisation levels and growing franchise of the bank with focus on retail lending, earning higher yield on advances. While IBL has historically maintained a healthy earnings track record, profitability moderated in 9MFY25 due to elevated credit costs and a rise in deposit rates. CARE Ratings expects earnings in Q4FY25 to remain subdued due to one-time adjustments from derivative accounting discrepancies and potential implications arising from the ongoing review of the microfinance (MFI) portfolio. The rating also considers IBLs moderate resource profile, which has relatively higher proportion of bulk deposits. Asset quality moderated considering ongoing industry related stress in microfinance segment, which contributed 9% to the advances as on 31 December 2024 (down from 11% as on March 31, 2024) resulting in an increase in gross non-performing assets (GNPA) to 2.25% from 1.92% over the same period. CARE Ratings takes note of the lapses in the internal financial controls following the derivative accounting discrepancies identified in FY25, which will also adversely impact its earnings in Q4FY25. With resignations of both the managing director & CEO and the deputy CEO in April 2025, the progress of management transition, succession and stabilisation of operations will remain a key monitorable, notwithstanding the setting up of a committee of executives to manage day-to-day operations under the supervision of a board-level oversight committee until a new MD & CEO is appointed. Per the banks disclosure on 22 April 2025, the bank has roped in Ernst and Young (E&Y) to assist its internal audit department to examine certain concerns in the microfinance business, which have been brought to its attention in finalisation of accounts. Any adverse outcome in this matter can affect IBLs profitability and hence would remain an additional monitorable. Indusind Bank (IBL) is a new-generation private-sector bank promoted by the Hinduja group. IBL is the fifth-largest private bank in India in terms of total assets and total business as on 31 December 2024. The bank has a pan-India presence with 2,984 bank branches, 3772 branches of its wholly owned subsidiary BFIL, 300 vehicle finance marketing outlets, and 2,993 ATMs as on 31 December 2024. It also has representative offices in Dubai, Abu Dhabi, and London. The scrip had gained 0.26% to end at Rs 782.30 on the BSE on Friday.
