Moody’s strips U.S. government of top credit rating, citing Washington’s failure to rein in debt
Moody’s Ratings has downgraded the U.S. government’s credit rating from Aaa to Aa1, citing concerns over rising debt and persistent deficits. This decision makes Moody’s the final major agency to lower the U.S. rating, following similar moves by Standard & Poor’s and Fitch. Political gridlock and increasing interest payments contribute to the bleak outlook.
Wall Street advances on trade hopes, data shows investor pessimism
The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3% from 6.5% last month.
What does CLSA’s downgrade mean for IndusInd Bank’s future?
The brokerage said it cut its FY25 Profit after Tax (PAT) estimates by 22% due to this ₹6.74 billion reversal. It also slashed the FY26 and FY27 PAT estimates by 13%-17%, citing Net Interest Margin (NIM) compression and lower growth.
SP Group raises $ 3.3 billion through bond issue
The borrowing is against the group’s 9.2% stake in Tata Sons held via Sterling Investment, all shares in its real estate company, Shapoorji Pallonji Real Estate, and its oil and gas business, SP Energy.
Singtel sells 1.2% stake in Bharti Airtel via private placement for Rs 13,180 crore
Singtel divested a 1.2% stake in Bharti Airtel for approximately ₹13,180 crore through a private placement, yielding a gain of ₹9,224 crore. The sale, part of Singtel’s capital management, saw strong interest from global and Indian institutional investors. Following the transaction, Singtel’s effective holding in Airtel will decrease to 28.3%.
Railway stocks surge as orders restart: Rites, Titagarh Rail, and RVNL lead the rally
Shares of Rites (Rail India Technical and Economic Service) jumped 15.7%, followed by Titagarh Rail Systems, which gained 12.8%. Shares of Rail Vikas Nigam(RVNL), BEML and Indian Railway Finance Corporation (IRFC) went up between 6% and 9% at close.
IndusInd Bank to declare Q4, FY25 results on May 21
A one-time charge of about ₹1,960 crore, tied to accounting discrepancies in its derivatives portfolio, is expected to dent the bottomline at the lender that has lately been consuming column inches over uncomfortable disclosures.
RBI FY25 payout to govt may jump 50 per cent
The relevant committee had recommended risk provisioning under the Contingent Risk Buffer (CRB) be maintained within a range of 6.5-5.5% of the RBI’s balance sheet. Besides, the payout also depends on the income the central bank earns from various domestic sources.