Adequate capitalisation to support risk profile of NBFCs amidst asset quality issues

Stable performance in a volatile environment

SME Finance: Smaller players confront loan quality and earnings headwinds along with mounting competitive pressures

Timely signing of PPAs and augmenting transmission infrastructure remains key to RE capacity addition

Union Budget 2025-26

Volumes increased 2.3% YoY in December 2024; modest recovery underway in line with expectations

Domestic steel industry faces fresh challenges while eyeing opportunities, following the likely redirection of global trade flows after US tariffs

Demand growth expected to recover in FY2026; improved visibility on new PPAs for thermal assets

Investment activity improved in Q3 FY2025; Government capex key to support GDP growth in FY2026 amid subdued outlook for private capex

Cement volumes higher by 13% YoY in November 2024

Jacinth Finvest Limited: Provisional [ICRA]BBB(SO) assigned to Series A1 SN backed by a pool of unsecured MSME loan receivables issued by Emerald March 2025

Kitex Garments Limited: Ratings Withdrawn

Lok Suvidha Finance Limited: Provisional [ICRA]A-(SO) assigned to Series A1 PTC backed by a pool of two-wheeler and e-rickshaw loan receivables issued by Cygni 03 2025

VS Lignite Power Private Limited: Rating downgraded

RGA Software Parks LLP: [ICRA]A+ (Stable); assigned

Kitex Childrenswear Limited: Ratings Withdrawn

JSW Steel Limited: Change in Limits

JCBL India Private Limited: Ratings withdrawn

Delhi Airport Parking Services Private Limited: Long-term rating upgraded to [ICRA]A (Stable); short-term rating reaffirmed

Water and Sanitation Pooled Fund: Rating reaffirmed