Crisil rating upgrades exceed downgrades
Mumbai: Crisil Ltd has reported that upgrades of corporate ratings were four times as many as the number of downgrades during the first half of fiscal 2003-04.

According to the agency's ratings roundup for the six months ended September 30, 2003, the improved performance reflected the strengthening fundamentals of Crisil-rated companies.

It added that the improvement in the Indian economy was set to continue. Crisil's credit quality ratings have, over the years, been lead indicators of key economic parameters.

The report said that for the first time in five years, upgrades exceeded downgrades across the manufacturing, finance and infrastructure sectors. With steadily improving capacity utilisation across all parts of the industrial economy and a good monsoon under our belt, it is hard not to be positive about economic prospects.

The last six months saw the lowest number of downgrades in the last eight years.

During the period April-September 2003, the number of upgrades in Crisil's long-term ratings portfolio accelerated to eight (from 14 in the whole of the previous fiscal), while the number of downgrades fell sharply to two from 19.

With the soft interest rates regime seen persisting for the short to medium term, and with inflation at bay, the rating agency is optimistic about economic performance over the next 12-18 months.
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Stock exchanges plan joint trading platform
Mumbai: After months of discussions, Indian stock exchanges have begun pooling infrastructure facilities to widen trading opportunities in low profile companies and survive the consequences of a shift in business to Mumbai-based exchanges.

The Bombay Stock Exchange (BSE) is in the process of changing trading rules to allow stock exchanges across the country share its trading platform.

In the interim, BSE has announced that it would lower its capital requirements for listing in order to allow smaller companies across the country to access the capital market.

Smaller stock exchanges would join in the trading in small companies once rules are amended, said BSE officials.

Once legal hurdles are cleared and details worked out, a part of BSE's trading infrastructure would open up for stockbrokers from smaller exchanges and their clients. Smaller exchanges believe pooling infrastructure for trading in small companies holds the key to their survival.

Active trading in small companies is the plank on which the exchanges have sold the concept to SEBI.
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