Moody's downgrades 11 Indian banks, 11 NFIs, 11 infra majors, 4 issuers

Agencies
June 2, 2020

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.

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News Network
March 9,2020

New Delhi, Mar 9: The Delhi Police Special Cell on Monday arrested a PFI member Danish from UP''s Moradabad for allegedly spreading fake propaganda during anti- CAA protests.

"Danish was the head of the Counter Intelligence Wing of PFI and has been actively participating in the anti-CAA protest across the city," sources in the Delhi Police Special Cell said.

Sources further claimed that his arrest has given clues regarding the Information war by the Popular Front of India (PFI).

The FIR related to the protest was filed by the Crime Branch but since the larger conspiracy regarding the Delhi riots is being probed by the Cell, the matter has been transferred to them.

Delhi Police Special Cell had on Sunday arrested a Kashmiri couple from Okhla for alleged links with Islamic State (IS) Khorasan module.

The couple have been identified as Jahanjeb Sami (husband) and Hinda Bashir Beg (wife). The police have seized some objectionable material from them and were interrogating them.

When asked about the couple, the sources said, "Officers of CERT-In are analysing the Eight Mobile phones and Laptop of the couple to question them further."

The couple being an active member of ISJ&K was operating from the Valley but later shifted their base to Delhi post internet clampdown.

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News Network
February 6,2020

New Delhi, Feb 6: DMK Lok Sabha member M K Kanimozhi on Wednesday challenged popular actor Rajinikanth to raise his voice for Muslims, saying they have "already been affected" by the Citizenship (Amendment) Act and are protesting on streets against the law.

Reacting to his statements earlier in the day in Chennai that "CAA is no threat to Muslims" and "if they face trouble I will be the first person to raise voice for them," Kanimozhi, daughter of former Tamil Nadu Chief Minister M Karunanidhi, told news agency that "Muslims in India have already been affected due to CAA".

"Let him (Rajinikanth) come forward and raise his voice for the affected Muslims", she said.

She said the members of the community have been protesting as the law leaves out Muslims.,

Asked whether Rajinikanth, through this pro-CAA statement, was moving closer to the BJP, the MP from Tuticorin said, "What he has said is no different from the BJP's narrative which we have been listening in parliament for the last few days".

Under CAA, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who came to India from Pakistan, Bangladesh and Afghanistan till December 31, 2014, to escape religious persecution there will not be treated as illegal immigrants, and be given Indian citizenship.

Rajinikanth had asserted that the legislation did not pose any threat to Muslims. He wondered as to how Muslims, who chose to stay back in India following Partition will be sent out of the country. Besides, the central government had assured that Indian people will have no issues in view of CAA, he noted.

He charged that some political parties were instigating people against the CAA for their selfish interests.

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News Network
April 13,2020

Thiruvananthapuram, Apr 13: Three more people in Kerala tested positive for novel coronavirus disease on Monday, said Chief Minister Pinarayi Vijayan.

"With 3 new COVID-19 cases, the total number of cases in the state has reached 378," said Vijayan at a press conference.

Giving a break-up of the three confirmed COVID-19 cases, he said, "Of the 3 cases, 2 are from Kannur and 1 is from Palakkad."

He further said, "Till date, 15,683 samples tested, out of which 14,829 tested negative."

However, the total number of positive cases is decreasing, the Chief Minister added.

According to a recent update by the Ministery of Health and Family Welfare, the total number of cases in the country has reached 9352.

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