Business
Fitch Lifts Adani Energy from ‘Rating Watch Negative’ Status, Praises Long-Term Revenue Outlook
“We believe the risks related to the group’s liquidity and funding requirements have eased,” stated the global ratings agency.
Since the US sanctions, AESL has accessed adequate funding, securing Rs 51 billion from both domestic and international banking facilities. Additionally, its group company, AGEL, has raised onshore funding to refinance its $1.1 billion construction-linked facility, due in March 2025.
According to Fitch, AESL’s revenue from its transmission segment—operating under both cost-plus and tariff-based competitive bidding (TBCB) structures—is tied to system availability, insulating it from volume risk. The low operational risks associated with transmission assets, combined with AESL’s strong performance, ensure stable long-term revenue prospects. The agency noted that AESL recorded an impressive asset availability rate of approximately 99.7% during the first nine months of the financial year ending March 2025 (9MFY25), matching the levels of FY24 and exceeding regulatory standards.
AESL’s strong credit profile is further supported by India’s favorable regulatory landscape. The report anticipates that revenue from the transmission assets will continue to account for the majority of EBITDA in the medium term, even as contributions from its smart metering division rise.
The forecast predicts a significant increase in capital expenditure, reaching Rs 175 billion annually in FY25 and FY26 (up from Rs 40 billion in FY24), primarily due to ongoing transmission projects and the smart metering business. AESL has been awarded a contract to install 22.8 million smart meters across five Indian states, following a design, build, finance, own, operate, and transfer model.
Additionally, last month, global brokerage Elara Capital began coverage of Adani Energy Solutions Ltd (AESL) with a ‘BUY’ rating and a price target of Rs 930—suggesting a potential upside of 37% from the current market valuation. The company is poised for strong growth in its transmission, distribution, and smart meter sectors. Elara projects that transmission EBITDA will likely double to Rs 76 billion by FY27E, spurred by India’s renewable energy targets, a 20-25% market share in the upcoming Rs 840 billion transmission bid, and a Rs 548 billion project pipeline, according to their analysis.
Business
RBI Ends Special Dollar-Rupee Swap Window Early Amid Strong Demand
Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.
The facility will now close on August 31, the RBI said on Friday.
The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.
Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.
Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.
The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.
Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.
The strong response to the scheme led the RBI to bring the facility to an early close.
Business
Leksa Lighting Technologies Named among India’s Top 100 MSMEs
Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.
The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.
Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.
The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.
Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.
What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.
Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.
He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.
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The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.
Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.
Business
Vehicle Prices to Increase from August 1
New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.
The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.
As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.
The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.
Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.
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The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.
Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.
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