CRISIL RATINGS
Sugar production to increase by 15 pc to 35 million tonnes in SS 26 on favourable monsoon: Report
A Crisil Ratings report projects India's sugar production to surge 15% to 35 million tonnes in the 2025-26 season, driven by a favourable monsoon boosting cane yields. This increase could ease domestic supply constraints, potentially enhancing ethanol diversion and reviving exports.
Rayzon Solar files DRHP with Sebi for Rs 1,500 crore IPO
Gujarat-based Rayzon Solar plans to use the bulk of the proceeds from its planned Rs 1,500 cr-IPO to set up a 3.5 GW solar cell manufacturing facility and expand its green energy manufacturing footprint. With a current module capacity of 6 GW and robust financial growth, Rayzon is positioning itself as a key player in India’s solar push.
Social welfare spending by top states to stay high at 2% of GSDP in FY26: CRISIL Ratings
Crisil Ratings projects high social welfare spending by top 18 states. It will be 2% of GSDP, reaching Rs 6.4 lakh crore in FY26. This rise may limit states' capital expenditure due to revenue deficits. Direct benefit transfers for women could reach Rs 1 lakh crore. Increased spending may not be uniform across all states.
States to spend Rs 1 lakh cr on pre-poll sops to women in FY26: Report
Crisil Ratings reports that top 18 states in India are projected to spend ₹1 lakh crore on pre-election schemes for women this fiscal year. This elevated social sector spending, reaching 2% of GSDP, is expected to strain state finances. Consequently, it may limit their ability to undertake crucial capital expenditures, potentially impacting economic growth.
Annual toll pass on NHs could could dent toll revenue by up to 8%, says rating agencies
While CareEdge Ratings estimate 7-8% impact in toll revenue for the sample project length of 5000 km, Crisil Ratings pegs the loss at 4-8%, suggesting the government should work out a reimbursement mechanism to compensate the toll operators for the revenue loss. India’s toll collection for 2024-25 stood at Rs 73,000 crore.
Digital lending startups put off IPO plans amid muted growth
Digital lending startups experienced slower growth in FY25 due to rising expenses, tighter regulations, and worsening credit quality, potentially delaying IPO plans for some. While companies like Moneyview and Kissht are preparing for regulatory filings, Kreditbee's profit growth was muted despite revenue increase. Fibe, however, nearly doubled its net profit, contrasting with Axio's pre-provisioning profit decline.
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Ahead of IPO, Sambhv Steel raises over Rs 161 crore from anchor investors
Sambhv Steel Tubes on Tuesday said it has mobilised Rs 161.25 crore from anchor investors, a day ahead of the launch of its initial share sale for public subscription.
Ceasefire in Words, Missiles in Air: Rising tensions between Israel and Iran threaten India’s billion-dollar Middle East trade
The Indian trading community remains in limbo regarding the fate of their shipments into the Middle East as two warring sides continue to trade deadly missiles targeting each other’s cities even after a ceasefire announcement by US President Donald Trump.
Near-term impact of Iran Israel conflict on most Indian firms is expected to be limited, says Crisil
Crisil reports that India Inc's global trade remains largely unaffected by Middle East uncertainties, though sectors like basmati rice, fertilizers, and diamonds require monitoring. Rising crude oil prices, currently at $73-76 per barrel, pose a threat to India Inc's profits if tensions escalate and supply chains are disrupted.
Sambhv Steel Tubes IPO to open on Jun 25; sets price band at Rs 77-82 per share
Sambhv Steel Tubes is launching its Rs 540-crore IPO on June 25, with a price band of Rs 77-82 per share. The IPO comprises a fresh issue of Rs 440 crore and an OFS of Rs 100 crore by promoters. The proceeds will be used for debt repayment and general corporate needs.
India’s inflation cheer also has a growing ‘core’ concern
Headline inflation easing to 2.8% in May 2025, driven by lower food prices, is a good signal for the Indian economy, CRISIL said. However, core inflation has stayed above 4% for four straight months, raising concerns. CRISIL attributed this to global volatility, especially gold prices, and warned that gold's high weight may distort India’s core inflation readings.
India's Larsen & Toubro may explore another ESG bond issue after debut attracts premium, spokesperson says
In the debut bond sale under India's newly-introduced ESG debt securities framework, L&T on Wednesday raised 5 billion rupees ($58 million) through three-year notes at a coupon of 6.35%.
Tilaknagar plans to raise $500 million to fund Imperial Blue acquisition
Tilaknagar Industries, known for Mansion House brandy, aims to raise up to $500 million to potentially acquire Imperial Blue whisky from Pernod Ricard. Kotak Mahindra Bank and Avendus Capital are mandated to arrange rupee-denominated non-convertible debentures. The debt financing is expected to be priced in the low-to-mid teens, with a portion potentially raised through private credit funds.
Vedanta Chairman bats for transformation amid record FY25 performance, demerger push
Anil Agarwal unveils Vedanta 2.0, targeting global leadership in transition metals and energy. The company reported record revenue and EBITDA. Vedanta met deleveraging targets ahead of schedule. A demerger is nearing completion to unlock shareholder value. The company plans significant capital expenditure for growth. Hindustan Zinc achieved record production.
Ahead of Market: 10 things that will decide stock market action on Wednesday
Indian markets closed lower on Tuesday as investors booked profits following a prior rally. Rising geopolitical tensions and concerns over crude oil prices pressured financial, auto, and oil & gas stocks ahead of the Fed’s policy meeting.
Debt recovery in stressed realty projects to rise 1,600 bps this fiscal: Crisil Ratings
Crisil projects a significant rise in recovery rates for security receipts issued against stressed real estate, reaching 38% this fiscal year. This improvement is fueled by robust residential sales in NCR, MMR, and Bangalore, driven by strategic debt restructuring by ARCs. Demand growth and renewed investor interest in near-completion projects, particularly in the mid-premium segment, are key factors.
Shortage of rare earth magnets can decelerate India's automotive ride, Crisil says
Rare earth magnets, low in cost but critical in function, could emerge as a key supply-side risk for India's automotive sector if China's export restrictions and delays in shipment clearances persist, according to a report by Crisil Ratings.
Iran-Israel Conflict: A Middle East flashpoint that Indian economy can’t ignore
Israel-Iran Conflict: India's economy faces challenges in 2025. The Israel-Iran war has pushed global crude oil prices higher. This threatens the rupee and could raise inflation. India, a major crude oil importer, is highly vulnerable to rising oil prices -- it could widen the current account deficit. The Reserve Bank of India may postpone rate cuts. The government might consider cutting excise duties on fuel.
RBI's loan-to-value limit hike for gold loans to support NBFCs
RBI's revised gold loan regulations, featuring a higher loan-to-value (LTV) ceiling, are expected to bolster growth for gold loan-focused NBFCs, according to Crisil Ratings. The increased LTV, especially for smaller loans (under ₹2.5 lakh), provides a cushion against accrued interest and expands lending headroom.
NFO Alert: Mirae Asset Mutual Fund launches funds focused on dynamic allocation and financial sector fixed income strategy
Mirae Asset Mutual Fund has launched two NFOs: a dynamic fund of funds blending arbitrage and debt strategies, and a passively managed debt index fund tracking AAA-rated financial services with 9–12-month maturity. Both target low-risk, tax-efficient returns, catering to evolving market and liquidity conditions with minimum investments starting at Rs 5,000.
Rare earths roadblock: India’s automakers await China’s nod for magnet talks
Indian auto industry representatives are seeking expedited rare earth magnet imports from China due to new export restrictions imposed in April. The restrictions, requiring special licenses and end-use disclosures, have led to potential production issues, especially for electric vehicles.
Modi 3.0 has got inflation & growth right but jobs, land reforms are still a challenge
Narendra Modi government completes 11 years with strong economic growth. Inflation is under control and forex reserves are ample. However, job creation and private investment remain concerns. Experts say land and labor reforms are crucial. Political stability may help revisit reforms. Free trade agreements could pose challenges without reforms. The government needs to address these issues.
Rare earth rattles: As US woos China, India watches and weighs its chances
Amidst China's rare earth export restrictions causing global concern, India is actively seeking joint exploration opportunities with Central Asian nations to diversify its supply chains. Minister Piyush Goyal has called China's actions a "wake-up call," as India aims to become a reliable alternative for businesses reducing dependence on Chinese suppliers, though challenges and a lengthy process are anticipated.
S&P sees top companies' capex rise to $850 bn over 5 years
Indian companies are set to invest significantly. S&P Global Ratings projects spending of $800-850 billion by 2030. This doubles the previous five-year period's capital expenditure. Investments will likely strengthen credit profiles. Financing will come from operating cash flows. Healthy balance sheets and government policies support this growth. Successful execution will expand operational scale for India Inc.
Disruption of rare earth magnet supplies beyond 30 days can impact vehicle production in India: Report
A potential disruption in rare earth magnet supplies from China threatens India's automotive sector, particularly EV production, due to export restrictions and clearance delays. Automakers are exploring alternative suppliers and optimizing inventories to mitigate the impact. The government is also focusing on building strategic reserves and boosting domestic production to reduce long-term import dependence.
Realty, renewables, roads to see Rs 17.5 lakh cr investment boost
India's real estate is transforming with premium housing demand and GCC influx, attracting significant investments alongside renewables and roads. Developer revenues are expected to grow steadily, while commercial real estate sees stable momentum. Despite challenges like excess supply and monetisation delays, healthy balance sheets and strong funding frameworks support infrastructure resilience.
Chennai-based Lalithaa Jewellery Mart files DRHP for Rs 1,700 crore IPO to fuel southern expansion
Lalithaa Jewellery Mart, a prominent South Indian jewellery retailer, has filed its DRHP with SEBI to raise Rs 1,700 crore through an IPO. The IPO includes a fresh issue and an offer-for-sale, with proceeds aimed at expanding its store network across India.
Trump’s prescription drug price cuts unlikely to hit Indian pharma exports significantly: Crisil Ratings
Crisil Ratings reports that President Trump's order to cut US drug prices will have a limited effect on Indian pharma. India's exports, mainly low-cost generics with thin margins, leave little room for price cuts. The order targets high-margin branded drugs, not generics. While API exports remain unaffected, contract manufacturing may see opportunities, though with potential margin pressure.
Emerging construction firms to post steady 9–11% revenue growth in FY26: Crisil
Crisil Ratings projects a stable 9-11% revenue growth for emerging diversified construction firms in 2025-26, fueled by healthy order books and timely project execution. Despite this growth, operating margins will be capped at 10-11% due to commodity price volatility and increased competition.
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