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Steel prices in 2025 would be much higher than the last year if the proposed safeguard duty on steel imports is imposed by the end of next month, rating agency Crisil said on Wednesday. "Domestic prices are under pressure due to global steel price decline and are expected to remain soft in 2025. Prices have a 4-6 per cent upside potential hinged on implementation of the safeguard duty. "As mills ramp up production volume from the newly commissioned capacities, increase in supply will reduce flat steel prices, but will still be higher than average price of 2024. That said, intense competition among mills to gain market share could limit the upward movement," Vishal Singh, Director-Research at Crisil Market Intelligence and Analytics, said in a statement. The imposition of a safeguard duty proposed by the industry could be a positive here. Assuming it is implemented by the end of February, steel prices in 2025 would be much higher than 2024, with the impact more prominent in the first
Vedanta Ltd on Tuesday said that Crisil Ratings Ltd has upgraded its rating on the company's long-term bank facilities and debt instruments. Improved capital structure, better financial flexibility and strong volume growth are the key reasons for the upgrade. Crisil has upgraded its rating on Vedanta's long-term bank facilities and debt instruments to AA from 'AA-', the rating agency said. "The rating upgrade factors the expected material improvement in the consolidated operating profitability (earnings before interest, tax, depreciation and amortisation or Ebitda) of Vedanta along with improved capital structure with reduction in debt and leverage to below rating thresholds," Crisil said in its rating rationale. This is the second upgrade for Vedanta by a major credit agency in the last three months. In September, ICRA had upgraded Vedanta Ltd's long-term credit rating to AA from AA-, citing company's strengthened credit profile. UK-based Vedanta Resources, the parent of India's
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin. On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against Gautam Adani, Sagar Adani and Vneet Jaain, key functionaries of Adani Green Energy Ltd (AGEL). The charges rela