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The state-owned telco was unable to pay interest on its 7.59% July 2033 notes, which were insured by the government.

The company faced challenges with lower GRMs impacting profitability.

India's full Budget may increase spending due to higher dividends from the RBI, maintaining the fiscal deficit target while boosting growth.

The rating agency also expects the government to focus on divestments that have missed their aims for the last five years.

The business intends to use the net funds from the new offering to develop its Dhule plant, repay debt, and for other general corporate reasons.

In an election year, the Indian government presents an Interim Budget for immediate spending approval and a full Budget post-elections. The 2024-25 Interim Budget was Rs 47.66 lakh crore with a fiscal deficit target of 5.1% of GDP. Economic growth and higher dividends from the RBI may allow for increased spending in the full Budget without breaching the fiscal deficit target. This balancing act is crucial for maintaining India's investment-grade credit rating and supporting long-term growth through increased capital expenditure. The full Budget will reflect updated political, economic, and financial priorities.

The flat net profit and modest revenue growth reflect the tough operating environment during the quarter.

Power Mech Projects stock has gained a total of 56% in the last one year, and witnessed a 32% gain since the beginning of the year.

Revenue for the June quarter was reported at ₹1,268.97 Crore, which is an increase from ₹1,257.53 Crore recorded in the corresponding quarter of the previous year.

The OAI classification is the most severe of the three possible classifications assigned by the US FDA