Moody’s upgrades India’s government bond rating to Baa2 from Baa3; changes outlook to stable from positive

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While India’s high debt burden remains a constraint on the country’s credit profile, Moody’s believes that the reforms put in place have reduced the risk of a sharp increase in debt, even in potential downside scenarios.

New York: Moody’s Investors Service (“Moody’s”) has on Thursday (16 November 2017) upgraded the Government of India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive for the first time in 14 years. Moody’s has also upgraded India’s local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.

The short-term foreign-currency bond ceiling remains unchanged at P-2, and the short-term foreign-currency bank deposit ceiling has been raised to P-2 from P-3. The long-term local currency deposit and bond ceilings remain unchanged at A1.

The decision to upgrade the ratings is underpinned by Moody’s expectation that continued progress on economic and institutional reforms will, over time, enhance India’s high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term.

Moody’s has also raised India’s long-term foreign-currency bond ceiling to Baa1 from Baa2, and the long-term foreign-currency bank deposit ceiling to Baa2 from Baa3. The short-term foreign-currency bond ceiling remains unchanged at P-2, and the short-term foreign-currency bank deposit ceiling has been raised to P-2 from P-3. The long-term local currency deposit and bond ceilings remain unchanged at A1.

Since ratings involve judgements about the future, on the one hand, and since they are used by investors as a means of protection, on the other, the effort is made when assigning ratings to look at “worst” possibilities in the “visible” future, rather than solely at the past record and the status of the present. Therefore, investors using the rating should not expect to find in them a reflection of statistical factors alone, since they are an appraisal of long-term risks, including the recognition of many non-statistical factors. – Moody’s

Purpose of Ratings

The system of rating securities was originated by John Moody in 1909. The purpose of Moody’s ratings is to provide investors with a simple system of gradation by which future relative creditworthiness of securities may be gauged.

Rating Symbols

Gradations of creditworthiness are indicated by rating symbols, with each symbol representing a group in which the credit characteristics are broadly the same. There are nine symbols as shown below, from that used to designate least credit risk to that denoting greatest credit risk:

Aaa Aa A Baa Ba B Caa Ca C

Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa.

Click here for Rationale for upgrading the Rating to Baa2

 

Integriti launches ‘Integriti Dance Music’, gives a chance to lunch with DJ Hardwell

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Mumbai: For the first time in India, leading youth lifestyle brand Integriti, from Kewal Kiran Clothing Ltd. has conceptualized its own music festival “Integriti Dance Music”.

With a vision to make it India’s biggest dance music experience, Integriti has joined hands with Guestlist4Good to launch the ultimate music extravaganza ‘Integriti Dance Music’ at Guest List festival at DY Patil Stadium, Mumbai.

Integriti fans can be a part of this two day music extravaganza by shopping at an Integriti store for Rs. 2999 and win a confirmed entry into the festival on 2nd & 3rd December, 2017. Boasting of high octane line up of artist, day one includes the big wigs of Indian music industry Adnan Sami, Nucleya and playback sensation Mithoon, Shaan while day-2 will be featuring Fire starter and India’s favourite DJ Hardwell along with globally acclaimed names like record producer duo W&W, electrifying DJ and producer Suyano and many more. The customers not only get a free ticket to the festival on shopping for Rs. 2999 but also get a chance to enter the contest where 50 lucky winners get a chance to lunch with DJ Hardwell.

Commenting on this, Mr. Vikas Jain, Director, Kewal Kiran Clothing Ltd. said, “Our customers are the youths of India, who love listening to all kinds of music. DJ Hardwell is the most well known DJ in the world. What best way to thank our loyal patrons for their love and support than get them to witness a rocking performance by DJ Hardwell and give them a chance to meet him in person and have lunch with him”. He further added, “At Integriti we wanted to create a property that matches the current brand imagery and connects with our target audience and truly brings out the Spirit called Youth and driving overall profitability. We wanted to spread the powerful message of coming together but not in a preachy way. This led to the idea of creating our own music festival, “Integriti Dance Music”, where youths would come together and connect. Music never gets boring or preachy. We are launching our unique property at Guestlist festival and have the best International and Indian line up. We are also designing an entire collection dedicated and inspired from the fashion followed in music fests and even coming up with limited edition Hardwell merchandise”.

In line with the brand proposition of carrying your confidence with you while being free spirited, “Intergriti Dance Music” strives to bind the world’s largest and most happening community ‘The Youth’ through this festival. It also aims to contribute towards empowering and educating 1,00,00 lesser fortunate through this festival and support treatment of the needy through Vijay Vallabh Hospital.

Australian Government scholarships for 52 Indian students

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Ms Harinder Sidhu

New Delhi: The Australian High Commissioner to India, Ms Harinder Sidhu, today announced that 52 Indian students will be offered the Australian Government’s prestigious Australia Awards-Endeavour scholarships and Fellowships for 2018.

Three Australians will also undertake learning opportunities in India as part of these awards, Ms Sidhu further announced and congratulated the successful applicants. “They have been selected on the basis of their potential to build educational, research and professional links between Australia and India,” said said adding “These awardees will over time become the new generation of global leaders.”

The awardees will study at Australia’s top research universities in fields that include medical science, law and public health, mechanical engineering and criminology.

“The Australia Awards-Endeavour Scholarships and Fellowships will forge understanding and strong networks between Indian and Australian scholars. These links will continue long after the scholars have returned to India,” Ms Sidhu said.

Each year, the Australian Government offers Australia Awards-Endeavour Scholarships and Fellowships to high achieving students, researchers and professionals from around the world to study in Australia’s world-class education institutions or undertake a professional development program.

The scholarships are internationally-competitive and merit-based. These scholarships are implemented by the Australian Government’s Department of Education and Training.

Applications for the 2019 Endeavour Scholarship and Fellowship round open in April 2018.

Lasers can help monitor burn wound healing

Dr. Shikha T. Malik
New Delhi: Burn injuries are a major public health issue and management of these a key concern.Regular assessment of healing tissuesis necessary but biopsies are painful and may hinder healing process. A group of Indian scientists has come up with a solution for easier assessment of healing progression using laser light.
Scientists at Manipal University in Karnataka have demonstrated the ability of laser-induced fluorescence (LIF) technique to quantify the amount of collagen in healing tissues and thus analyze the recovery process.The more the collagen content, the healthier the tissue.
Bola Sadashiva Satish Rao, Krishna Kishore Mahato, Bharath Rathnakar, Vijendra Prabhu, Subhash Chandra (L to R)
The strategy is to study biochemical changes by exploiting tissue fluorophores – chemical compounds that can re-emit light. Some of the most common fluorophores are collagen, elastin, amino acids (building blocks of proteins) like tryptophan, phenylalanine andtyrosine that are responsible for tissue autofluorescence.
Researchershit injured areas with a laser light of a particular wavelength and captured the emitted light in the range, generating a spectrum. For each region, multiple spectra are generated and averaged. This yields an image that correlates with collagen content reflective of the healthy repair. Based on this knowledge, scientists have proposed a simple technique to evaluate the progression of healing using a non-invasive, fast and aneasy to use tool.
“With LIF we evaluated collagen synthesis and the healing process in vivo without sacrificing the animal. The evaluation using this technique takes only 15-20seconds and is a biopsy free or non-invasive approach,” explains Prof. Krishna K Mahato, who led the research team.
The preliminary studies on monitoring effectiveness of low power laser therapy (LPLT) in mice with burn wounds showed encouraging results.“LIF is sensitive and since it is an objective assessment, it doesn’t demand experienced operators and thus is user-friendly”, suggest researchers.
“We have promising results in tissue samples from burn patients and with further analyses and studies, we hope to have this tool routinely used for patients in near future,” Prof. Mahato told India Science Wire.
The research team included BharathRathnakar, Bola Sadashiva Satish Rao, VijendraPrabhu,Subhash Chandra and Krishna Kishore Mahato. The results have published in journal Lasers in Medical Science.  (India Science Wire)

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