Moody's Investors Service on October 6 raised the rating outlook for 18 Indian corporate entities and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'.

This is after the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'. The nine companies whose rating outlook has been revised upwards are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL). The agency also affirmed the rating on privatization-bound Bharat Petroleum Corporation (BPCL), but maintained the 'negative' outlook.

The 9 banks whose outlook has been revised to 'stable' are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, Punjab National Bank, Union Bank and EXIM Bank. "Stabilization in asset quality and improved capital are the main drivers of this rating action," Moody's said. Also, the rating outlook has been revised to 'stable' from 'negative' on 10 Indian infrastructure issuers, including National Thermal Power Corporation, NHAI, PGCIL, Gail, Adani Transmission and Adani Ports and Special Economic Zone.

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