The deadline, which was to run out on September 30, has been extended to November 30
Share prices of CRISIL and Care Ratings declined almost 1.5 percent in the morning trade on October 3 after the Securities and Exchange Board of India (SEBI) extended the deadline for the implementation of standardised framework for the classification of the industry by credit rating agencies.
The deadline, which was to run out on September 30, has now been extended to November 30. “In view of representation received from credit rating agencies, it has been decided to extend the date of applicability of the standardised industry classification to November 30 2022,” the market regulator said in a circular.
At 10.30 am, CRISIL was down 2 percent and quoting at Rs 3,200 apiece on the National Stock Exchange. CARE Rating was trading 1 percent lower at Rs 500.
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The guidelines require agencies to implement standardised industry classification for the rating exercise, peer benchmarking and research activities. This will help bring about uniformity in the classifications being used across sectors and in securities market.
For the quarter ended June 2022, CRISIL’s consolidated income from operations rose 26.5 percent to Rs 668.5 crore, up from Rs 528.5 crore in the corresponding quarter of the previous year. Profit after tax increased 35.8 percent YoY to Rs 136.9 crore. The stock has gained 10 percent in 2022.
CARE Ratings, too, saw an uptick in its quarterly results on a year-on-year basis. Revenue for the June quarter came in at Rs 62 crore while profit after tax stood at Rs 13 crore. The stock has declined 19 percent in 2022.
(With PTI inputs)
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