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Fitch expects Indias sovereign rating to remain unchanged despite the governments efforts for fiscal consolidation. The general government debt is projected to stay above 80% of GDP over the next five years, with a deficit reduction target of 4.5% by FY26. Fitchs forecast indicates a deficit ratio of 5.1% in FY25, and GDP growth of 6.5%. The governments focus on capex investment is expected to support the growth outlook in FY25, with a planned expenditure of Rs 11.11 lakh crore, representing a 1...

Indicating a stable outlook, Fitch ratings upgraded Tata Steels rating to ‘BBB-’ from ‘BB+’.The improvement has come in the wake of easing UK risk

"We maintain ONGCs Standalone Credit Profile (SCP) at bbb+, which reflects ONGCs scale as the largest oil and gas (O&G) producer in India, its significant reserves and production, and its vertically integrated and geographically diversified business model." The SCP also considers Fitchs expectations that ONGCs credit metrics will improve over the financial years ending March 2024 (FY24) to FY27.

The Hindenburg report had alleged ‘brazen stock manipulation and accounting fraud’ and use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them ‘malicious’, ‘baseless’ and a ‘calculated attack on India’.

The agency has also affirmed ‘BBB-’ rating on ONGC’s US dollar senior unsecured notes, the foreign-currency guaranteed notes issued by its subsidiary OVL

GAIL is India's largest gas transmission and gas marketing company, with a 14,502-kilo metre gas pipeline network