Business
Heatwave, reduced wheat production credit negative for India: Moody’s Investors Service

High climatic temperatures affecting northwest India curbing wheat production and possible extended power outages exacerbating already high inflation and hurting growth is credit negative, said Moody’s Investors Service on Monday.
The credit rating agency in a report said: “Over the longer term, India’s highly negative credit exposure to physical climate risks — which contributes to the country’s highly negative environmental risk issuer profile score and credit impact score — means its economic growth will likely become more volatile as it faces increasing, and more extreme, incidences of climate-related shocks,” Moody’s said.
The Indian government has revised down its estimates for wheat production by 5.4 per cent to 105 million tonnes for the crop year ending June 2022, given lower yields amid higher temperatures, Moody’s said.
The lower production, and fears that a surge in exports to capitalise on high global wheat prices would add to inflationary pressures domestically, has prompted the government to ban the export of wheat and to divert it toward local consumption instead.
Although the move will partially offset inflationary pressures, it will hurt exports and subsequently growth. The ban comes at a time when India — the world’s second-largest wheat producer — could have been capitalising on the global output gap from wheat following the Russia-Ukraine military conflict, Moody’s said.
Global wheat prices have jumped 47 per cent since the conflict began in late February.
According to Moody’s, the wheat export ban is likely to induce further surge in wheat prices in importing countries like Bangladesh, which absorbed 56.8 per cent of India’s wheat exports in fiscal 2021, Sri Lanka-8.3 per cent, UAE – 6.5 per cent and Indonesia – 5.4 per cent.
Additionally, elevated power demand amid the heatwave and an uptick in economic activity — resulting in higher domestic power prices — prompted India’s Central Electricity Regulatory Commission (CERC) to cap power prices at Rs 12 per kilowatt-hour in the electricity exchanges.
With suppliers importing coal at market rates to fill the shortfall and inadequate supply to meet peak demand, at least 16 out of 28 states experienced 2-10 hours of power outage per day in April, Moody’s said.
After the price ceiling was introduced on April 1, India’s total domestic coal actual stock fell 23 per cent by mid-May, with days of actual stock declining to 7.8 days from 10 days.
Further drawdowns in coal inventory could lead to prolonged power outages in industrial and agricultural production, leading to significant cuts to output and weighing further on India’s economic growth — particularly if the heatwaves continue beyond June.
Inflation will be partially alleviated by keeping wheat production for domestic consumption and the cap in power prices in exchanges, as well as the Reserve Bank of India’s 40-basis-point policy rate rise in early May.
However, given the prominence of cereals and food more generally in India’s consumption, elevated food prices could add to social risks if they persist.
Business
Ujjivan Small Finance Bank reports 74.7 pc net profit drop in Q4, NII down 7.4 pc

Mumbai, April 30: Ujjivan Small Finance Bank (SFB) on Wednesday reported a 74.7 per cent sharp decline in its net profit at Rs 83.4 crore for the fourth quarter (Q4) of FY25, compared to Rs 329.6 crore in the same quarter last fiscal.
This decline in earnings was mainly due to increased provisioning and a slowdown in interest income, caused by changes in the bank’s business mix.
In the fourth quarter, Ujjivan SFB’s Net Interest Income (NII) came in at Rs 864.4 crore, down 7.4 per cent from Rs 933.5 crore in the same period a year ago.
However, the bank’s asset quality showed improvement on a quarter-on-quarter (QoQ) basis, as per its stock exchange filing.
The Gross Non-Performing Assets (GNPA) dropped to 2.18 per cent from 2.68 per cent in the previous quarter, and the Net NPA also improved to 0.49 per cent from 0.56 per cent.
The bank’s Provision Coverage Ratio (PCR) remained strong at 78 per cent, backed by accelerated provisioning of Rs 46 crore during the quarter.
PCR is an important financial indicator for banks, reflecting their ability to cover potential losses from non-performing loans.
Additionally, Ujjivan SFB saw healthy growth in its deposits. Total deposits rose by 20 per cent year-on-year (YoY), reaching Rs 37,630 crore.
The bank also recorded strong growth in its CASA (Current Account Savings Account) ratio, which improved to 25.5 per cent, up 43 basis points from the previous quarter.
The gross loan book increased to Rs 32,122 crore — a 5 per cent rise from the previous quarter and an 8 per cent increase from the same period previous fiscal.
One of the key highlights for the bank was the growth in its secured loan portfolio, which now constitutes 44 per cent of the total loan book, up from 30 per cent during a year-ago period.
Ujjivan SFB also set a record in loan disbursements, with Rs 7,440 crore disbursed in Q4 — a 39 per cent QoQ growth. This was driven by a strong performance in micro-banking and individual loan segments.
Following the result declaration, the shares of the small finance bank was down by over 3 per cent to Rs 42.56 on the National Stock Exchange (NSE) on Wednesday.
Business
15th Rozgar Mela: EPFO hands over job letters to 976 new recruits

New Delhi, April 26: The Employees’ Provident Fund Organisation (EPFO) on Saturday handed over appointment letters to 976 new recruits as part of the 15th edition of the Rozgar Mela.
The Rozgar Mela was held across 47 locations nationwide. The event, addressed by Prime Minister Narendra Modi via videoconferencing, saw the distribution of over 51,000 appointment letters to newly inducted youth in various government departments, including EPFO.
“As part of this significant recruitment drive, EPFO welcomes new recruits to strengthen its workforce, ensuring efficient delivery of social security services to millions of subscribers across India,” said the Labour Ministry.
Appointment letters to 345 Accounts Officers/Enforcement Officers and 631 Social Security Assistants were issued as part of the drive.
The newly-appointed personnel will contribute to EPFO’s mission of providing provident fund, pension, and insurance benefits, supporting the government’s vision of a robust and inclusive economy.
EPFO has established recruitment vertical in head office to ensure regular recruitments and developed a recruitment calendar complying with directions of Union Minister of Labour and Employment, Dr Mansukh Mandaviya.
“During last one year, EPFO has recruited 159 Assistant Provident Fund Commissioners, 84 Junior Translation Officers, 28 Stenographers, 2674 SSAs among others. Further recruitment of APFCs, EO/AO, PAs and ASOs are underway,” according to the ministry.
The Rozgar Mela aligns with the Prime Minister’s commitment to prioritizing employment generation and empowering youth for nation-building.
EPFO’s participation underscores its dedication to transparent and merit-based recruitment, leveraging modernized processes to enhance service delivery. The new recruits will have access to training through the iGOT Karmayogi platform, besides formal training enabling them to upskill and excel in their roles.
EPFO said it extends its congratulations to all appointees and reaffirms its resolve to foster a future-ready workforce that drives India’s social security framework towards greater heights.
Business
Steel backbone of our economy, coal and mines strong foundation: G Kishan Reddy

Mumbai, April 26: Steel serves as the backbone of India’s economic progress and a vital enabler of the national vision for ‘Viksit Bharat 2047’, Union Minister of Coal and Mines, G Kishan Reddy, said on Saturday.
Addressing the 6th edition of ‘Steel India 2025’ here, the minister highlighted how India is setting new global benchmarks in infrastructure development, from the Chenab Bridge in Jammu and Kashmir, the world’s highest railway bridge, to the historic Pamban Bridge in Tamil Nadu — all made possible by the growing strength of the steel sector.
Every milestone in the nation’s infrastructure journey, he remarked, is forged in steel — reflecting the momentum and aspirations of a Nation on the move.
Reddy further stated that India’s steel sector has grown at an impressive pace in recent years, positioning the country as the second-largest steel producer globally.
Citing the words of Prime Minister Narendra Modi, the minister referred to steel as India’s “Sunrise Sector” — a key driver of domestic consumption, industrial expansion and self-reliance through the Atmanirbhar Bharat Abhiyaan.
Reddy expressed confidence that through close collaboration between the Centre, state governments and industry stakeholders, India will not only meet its raw material requirements domestically but also emerge as a global leader in sustainable, self-reliant steel production.
He urged all participants at the conference to contribute actively to shaping policies that will secure a greener and more resilient future for the nation’s steel ecosystem.
The Union Minister emphasised that if steel forms the backbone of India’s economy, the coal and mining sector represents the strong foundation on which it rests.
He highlighted the importance of raw material security, especially in the context of the current session on Raw Material Strategy and the Shift in Raw Material Mix.
Ensuring the availability of critical raw materials like iron ore, coking coal, limestone, and essential alloying elements such as manganese, nickel, and chromium, he noted, is both an economic necessity and a strategic imperative.
India recently achieved a landmark milestone of 1 billion tonnes of coal production and dispatch in the last financial year — a transformative step toward national energy security.
While efforts to enhance renewable energy are underway, the minister reaffirmed that coal will remain central to India’s energy and industrial landscape in the foreseeable future.
Focusing on coking coal, a critical input in steel manufacturing, Reddy pointed out that it constitutes nearly 42 per cent of steel production costs. India currently imports around 85 per cent of its coking coal needs, rendering the industry vulnerable to international price volatility and supply chain disruptions.
The minister called upon private stakeholders to actively participate in washeries, beneficiation plants, and block auctions. Pulverised Coal Injection (PCI) trials using domestic coal have already shown promise for import substitution, and greater innovation in beneficiation can further improve outcomes.
The minister also emphasised the importance of timely utilisation of greenfield mines, as reiterated by the Prime Minister.
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