News for ICRA Limited (ICRA.BO)

Gensol Engineering's shares attracted attention after credit rating agencies CARE and ICRA downgraded the companys multiple credit ratings. Following this, Gensol Engineering announced that its CFO had resigned to pursue external opportunities.

Gensol Engineering Ltd shares are in news today after the company said its board would consider a stock split along with various fundraising options, including equity issuance and foreign currency convertible bonds, in its upcoming meeting on March 13.

The Kumbakonam-based bank offers loans to the MSME (micro, small and medium enterprises), retail, wholesale and agriculture segments. The bank's advances grew by 15% to ₹50,409 crore while deposits rose by 11% to ₹58,271 crore year-on-year at the end of December 2024.

Gensol Engineering's board will consider a stock split of shares from a face value of Rs 10 during its March 13 board meeting, alongside discussing fundraising methods. Promoters sold 2.37% equity to reinvest in the business while Gensol's shares fell 70% due to credit rating downgrades.

The company has announced plans to consider a stock split and various fundraising options, including equity issuance and foreign currency convertible bonds, in its upcoming board meeting on March 13.

Gensol Engineerings promoters sold 2.37% equity to unlock liquidity for reinvestment following a 70% stock plunge over eight trading sessions. The company is considering a stock split and various fundraising options, and its CFO recently resigned. Multiple credit rating downgrades exacerbated the stock decline.

Gensol Engineering share price today: In the current session, the renewable energy stock rose 16% to Rs 352.90 against a low of Rs 303 on BSE.

Gensol Engineering shares: Gensol Engineering's shares rose by 5% after CFO Ankit Jain resigned to pursue other opportunities. His resignation follows a period of declining share prices and credit rating downgrades by ICRA and CARE. Jabirmahendi Mohammedraza Aga has been appointed as the new CFO.

Gensol Engineering stock has fallen 40% in the last three sessions. The company has issued a clarification after the credit rating downgrade.

Gensol Engineering Ltd. said on Wednesday that it would use proceeds from the asset divestments to reduce debt to address concerns pointed out in recent credit rating downgrades. The steps taken by Gensol to reduce debt include initiating sale of 2,997 electric vehicles as well as sale of a wholly owned subsidiary. "As a result of these two divestments, our debt will significantly reduce by Rs 665 crore, resulting in a debt-equity ratio of 0.8," it said in its investors’ presentation.

Its debt servicing track record were falsified, raising concerns on corporate governance practices: ICRA

RailTel stock ended at Rs 305.30 in the previous session. Market cap of the firm stood at Rs 10,013 crore.

Sammaan Capital Limited launches NCDs worth ₹300 crore with interest rates between 8.88% and 10.75% per annum.

ICRA Auto Industry Projection: The credit rating agency estimates e3Ws will have a major share of electric penetration at 40% by FY30.

RBI filed a plea to initiate insolvency against AVIOM India Housing Finance, the NCLT has admitted the plea.

India Business News: The Indian auto component industry is projected to see an 8-10 per cent revenue growth in financial year 2025-26, as per ICRA. This is down from a 14

HDFC Life Insurance Company Limited announced today the allotment of ₹1,000 crore worth of unsecured, non-convertible debentures as part of its capital raising initiative. The Capital Raising Committee approved the issuance of 1,00,000 debentures, each with a face value of ₹1,00,000.

Sensex, Nifty updates on 1 February 2025: Indian shares saw minimal movement on Saturday following the government’s budget announcement, with the Nifty 50 declining 0.11% to 23,482.15 points and the BSE Sensex closing 0.01% higher at 77,505.96.

Auto Inc Budget Expectations: As the country prepares for Finance Minister Nirmala Sitharaman's Budget speech on February 1, automotive industry experts are closely watching for potential relief measures for this sector, which contributes more than 7% to India's overall GDP.