News

Finally Deposit Growth is in line with Credit Growth by CareEdge Ratings Synopsis * Credit and deposits are now growing in line with each other after deposit growth surpassed credit offtake for the first time in 30 months last fortnight. Additionally, when comparing growth rates with December 2023, deposit growth has continued to outpace credit offtake. * Credit offtake increased by 9.3% compared to December 2023, reaching Rs 174.4 lakh crores as of November 01, 2024. The growth slowdown compared to last year can be attributed to a higher base effect due to ...
Finally Deposit Growth is in line with Credit Growth by CareEdge Ratings
Finally Deposit Growth is in line with Credit Growth by CareEdge Ratings
Source: CareEdge Ratings
2024-11-19 04:41:06 pm
Perspective on AMFI Data by Sanjay Agarwal, Senior Director, CareEdge Ratings Below the Perspective on AMFI Data by Sanjay Agarwal, Senior Director, CareEdge Ratings   ‘The AUM of the mutual fund industry has continued to grow at a brisk pace of over 40% y-o-y and 1.2% sequentially to reach Rs.67.91 lakh crore as the Sensex has risen by more than 20% over the last 12 months and is also buoyed by continued inflows in debt as well as equity mutual funds despite market volatility. Overall, the industry witnessed an inflow Rs 2.4 lakh crore in the mon...
Perspective on AMFI Data by Sanjay Agarwal, Senior Director, CareEdge Ratings
Perspective on AMFI Data by Sanjay Agarwal, Senior Director, CareEdge Ratings
Source: CareEdge Ratings
2024-11-12 11:02:39 am
US Elections and Impact on Indian Capital Markets by CareEdge Ratings Republican Party’s Donald Trump became the 47th President of the United States (US) for a second term after a gap of four years. The Presidential election was held on November 5, 2024, and was closely contested against Democratic Party’s Kamala Harris. Trump will take charge as President from Joe Biden of the Democratic Party. The US uses an electoral college system, whereby citizens elect the President and the Vice President indirectly through their state’s electors. Of the...
US Elections and Impact on Indian Capital Markets by CareEdge Ratings
US Elections and Impact on Indian Capital Markets by CareEdge Ratings
Source: CareEdge Ratings
2024-11-09 06:02:11 pm
C/D Ratio Nudges Downwards as Credit Offtake Moderates by CareEdge Ratings Synopsis • Credit growth is trending down and on an annual basis, deposit growth has outpaced credit offtake for the first time in the last 30 months. Additionally, when comparing growth rates with December 2023, deposit growth has continued to outpace credit offtake. * Credit offtake increased by 8.0% compared to December 2023, reaching Rs 172.4 lakh crores as of October 18, 2024. Mortgages and MSMEs account for the bulk of this increase. However, the growth slowdown compared to l...
C/D Ratio Nudges Downwards as Credit Offtake Moderates by CareEdge Ratings
C/D Ratio Nudges Downwards as Credit Offtake Moderates by CareEdge Ratings
Source: CareEdge Ratings
2024-11-05 06:19:58 pm
Perspective on GDP Q2 expectations by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings Below the Perspective on GDP Q2 expectations by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings   ‘’We expect GDP growth to be 7% in Q2 following the 6.7% growth seen in Q1 FY25. Government spending that reduced in Q1 due to election related restrictions is likely to pick up in Q2. Healthy private consumption and Investment growth seen in Q1 is likely to continue in Q2. Monsoon has been healthy and that should help improve the rural consumption demand. However, high...
Perspective on GDP Q2 expectations by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings
Perspective on GDP Q2 expectations by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings
Source: CareEdge Ratings
2024-10-21 05:00:18 pm
Perspective on WPI Data by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings Below the Perspective on WPI Data by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings   “In line with our expectations, the WPI inflation increased to 1.8% in July, up from 1.3% in the previous month. This rise in WPI inflation was primarily driven by a sharp increase in food inflation, which surged to 11.5% in September, compared to just 3.1% in the prior month. The acceleration in food inflation can be attributed to the fading of a favourable base effect seen over the pa...
Perspective on WPI Data by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings
Perspective on WPI Data by Ms. Rajani Sinha, Chief Economist, CareEdge Ratings
Source: CareEdge Ratings
2024-10-14 03:27:39 pm
Ship Recycling Industry in India is poised for Major Growth in CY25, Eyes 10% CAGR by CY28 : CareEdge Ratings According to CareEdge Ratings, India’s Ship Recycling Industry is poised for major growth in CY25. CareEdge Ratings says that it further expects 10% CAGR growth in the industry by CY28. In India, Alang-Gujarat stands among the largest ship recycling facilities in the world, boasting over 140 recycling yards. India's ship-recycling industry is a crucial part of the global maritime sector. The top four countries including Bangladesh, India, Pakistan, and Turkey dominate the ship-re...
Ship Recycling Industry in India is poised for Major Growth in CY25, Eyes 10% CAGR by CY28 : CareEdge Ratings
Ship Recycling Industry in India is poised for Major Growth in CY25, Eyes 10% CAGR by CY28 : CareEdge Ratings
Source: PR Agency
2024-10-11 02:22:20 pm
Corporate India: Cautiously optimistic amid global uncertainties Credit Quality Assessment for H1FY25 by CareEdge Rating CareEdge Ratings’ Credit Ratio, which measures the ratio of upgrades to downgrades, moderated to 1.62 times in H1FY25 down from 1.92 times in H2FY24. Despite the moderate dip in H1, the credit ratio remained close to the 10 year average of 1.59. Overall, there were 215 upgrades and 133 downgrades across sectors in the first half, with export-oriented sectors like Textiles and Chemicals experiencing higher downgrades. The moderation in the credit ratio can be mainly attributed to the mut...
Corporate India: Cautiously optimistic amid global uncertainties Credit Quality Assessment for H1FY25 by CareEdge Rating
Corporate India: Cautiously optimistic amid global uncertainties Credit Quality Assessment for H1FY25 by CareEdge Rating
Source: CareEdge Ratings
2024-10-01 04:53:25 pm
Net NPAs of Indian banks dropped by 24.9% as of June 2024: CareEdge Ratings CareEdge Ratings has said that Net Non-Performing Assets (NNPAs) of scheduled commercial banks (SCB) saw a sharp decline, reducing by 24.9 per cent y-o-y to Rs 1 lakh crore as of June 30, 2024 (Q1FY25). The gross non-performing assets (GNPAs) of scheduled commercial banks (SCBs) fell by 15.2 per cent year-on-year (y-o-y) to Rs 4.57 lakh crore as of Q1FY25, compared to Rs 5.66 lakh crore in the same period last year. It stated the GNPA ratio now stands at 2.8 per cent, a reduction from 3.8 ...
Net NPAs of Indian banks dropped by 24.9% as of June 2024: CareEdge Ratings
Net NPAs of Indian banks dropped by 24.9% as of June 2024: CareEdge Ratings
Source: Accord Fintech
2024-09-27 10:43:47 am
Capacity Share of Top 4 Cement Players to Rise to 60% by FY26-end By Care Edge Ratings Organic and inorganic additions by large cement players on the rise The Indian cement industry achieved a decadal high in organic capacity addition during FY24, with nearly 45 million tonnes of new capacity bringing India’s total installed capacity to 641 million tonnes as of March 31, 2024. This is against average of 25-30 millions of average annual capacity addition over the last decade. Looking ahead, an additional 90-100 million tonnes are expected over the next two years, with a...
Capacity Share of Top 4 Cement Players to Rise to 60% by FY26-end By Care Edge Ratings
Capacity Share of Top 4 Cement Players to Rise to 60% by FY26-end By Care Edge Ratings
Source: CareEdge Ratings
2024-09-12 11:14:40 am
Fortnightly credit and deposit update 28 August 2024 by CareEdge Ratings Synopsis * Credit growth is trending down and continues to converge with deposit growth on an annual basis. Meanwhile, if we study the growth rate compared with December 2023, deposits have outpaced credit offtake. * Credit offtake increased by 5.8% compared to December 2023, to reach Rs. 168.8 lakh crore as of Aug 09, 2024. Personal loans and MSMEs account for the bulk of this increase, with corporate credit also contributing to the same. Meanwhile, sequentially credit saw a growth of ...
Fortnightly credit and deposit update 28 August 2024 by CareEdge Ratings
Fortnightly credit and deposit update 28 August 2024 by CareEdge Ratings
Source: CareEdge Ratings
2024-08-28 02:56:40 pm
Perspective on Indian Rupee by Ms. Mihika Sharma - Associate Economist at CARE Ratings Below the Perspective on Indian Rupee by Ms. Mihika Sharma – Associate Economist at CARE Ratings   "The Indian rupee has slightly strengthened over the past trading sessions closing at 83.91 on August 26 compared to 83.95 about a week ago. A weaker dollar is offering some support to the rupee, however, dollar demand from importers and foreign portfolio outflows from Indian stocks have limited rupee’s gains.   We expect the rupee to trade b...
Perspective on Indian Rupee by Ms. Mihika Sharma - Associate Economist at CARE Ratings
Perspective on Indian Rupee by Ms. Mihika Sharma - Associate Economist at CARE Ratings
Source: CareEdge Ratings
2024-08-28 12:42:09 pm
Quote on Budget 2024-25 by by Sanjay Agarwal, Senior Director, CareEdge Ratings Below the quote on Budget 2024-25 by Sanjay Agarwal, Senior Director, CareEdge Ratings   “Availability of GST data, account aggregators have enabled financiers to lend proactively to MSMEs. Bank credit to Industrial MSMEs has grown by over 13% CAGR in the last two years. Additionally, there has been a significant improvement in overall delinquencies from over 12% in FY17 to 2.3% in Q2FY24. MSMEs have an estimated credit gap of approximately Rs 28 lakh cror...
Quote on Budget 2024-25 by by Sanjay Agarwal, Senior Director, CareEdge Ratings
Quote on Budget 2024-25 by by Sanjay Agarwal, Senior Director, CareEdge Ratings
Source: CareEdge Ratings
2024-07-23 03:39:46 pm
Quote on Budget 2024-25 by Maulesh Desai, Director at CareEdge Rating Below the Quote on Budget 2024-25 by Maulesh Desai, Director at CareEdge Ratings   “The Union Budget has maintained the capital expenditure at Rs.11.11 lakh crore, in line with the allocations of the Interim Budget. The provision of interest-free loans amounting to Rs.1.5 lakh crore to states represents a strategic initiative to enhance their capital expenditure. According to CareEdge Ratings, there is an anticipated rise in the participation of the public-priv...
Quote on Budget 2024-25 by Maulesh Desai, Director at CareEdge Rating
Quote on Budget 2024-25 by Maulesh Desai, Director at CareEdge Rating
Source: CareEdge Ratings
2024-07-23 03:01:06 pm
Union Budget likely to focus on agriculture, welfare schemes & job creation: CareEdge The Union Budget will focus on supporting consumption via higher allocation for the rural economy, welfare schemes and agriculture with higher allocations for schemes like PMAY and MNREGA, according to a CareEdge Ratings report released on Tuesday. It expects a focus on manufacturing and capex to continue as the government is likely to retain its interim budget’s target of capex and an increase in PLI allocation to more labour-intensive sectors like textiles, leather footwear and toy...
Union Budget likely to focus on agriculture, welfare schemes & job creation: CareEdge
Union Budget likely to focus on agriculture, welfare schemes & job creation: CareEdge
Source: IANS
2024-07-17 08:58:59 am
Perspective on CPI-June 2024 Data by Rajani Sinha, Chief Economist, CareEdge Ratings Below the Quote on Perspective on CPI-June 2024 Data by Rajani Sinha, Chief Economist, CareEdge Ratings   ”The CPI inflation rose sharply to 5.1% in June from 4.8% in May, higher than market expectations. The inflation in food basket inched up higher led by specific food categories, including vegetables, pulses and cereals. Prices of staple vegetables rose sharply and is attributed to both supply-side and demand-side factors. Last year's reduced output, the impact of...
Perspective on CPI-June 2024 Data by Rajani Sinha, Chief Economist, CareEdge Ratings
Perspective on CPI-June 2024 Data by Rajani Sinha, Chief Economist, CareEdge Ratings
Source: CareEdge Ratings
2024-07-13 11:10:48 am
Commercial vehicle sales volume likely to decline 3-6% in FY25: CareEdge Ratings CareEdge Ratings in its latest report has said that commercial vehicle sales volume is expected to decline 3-6 per cent in the current fiscal (FY25) due to a slump in demand. It noted that the drop in sales volume is due to a slowdown in demand in both the medium and heavy commercial and light commercial vehicle segments, as well as on account of high inventory levels with dealers.  According to the report, the muted growth in FY24 was mainly due to the high base of FY23, the transiti...
Commercial vehicle sales volume likely to decline 3-6% in FY25: CareEdge Ratings
Commercial vehicle sales volume likely to decline 3-6% in FY25: CareEdge Ratings
Source: Accord Fintech
2024-07-11 11:35:43 am
Two-wheeler industry expected to sustain steady volume growth this fiscal: CareEdge Ratings CareEdge Ratings in its latest report has said that the two-wheeler industry is expected to sustain a steady volume growth this fiscal driven by improved domestic sales and good traction in executive and premium segment motorcycles. According to report, post-Covid, sales volume of two-wheelers had consistently declined during FY20, FY21 and FY22 before starting to recover from FY23, with sales momentum continuing in FY24 as well. In FY23, the Indian two-wheeler industry recorded sales of 1...
Two-wheeler industry expected to sustain steady volume growth this fiscal: CareEdge Ratings
Two-wheeler industry expected to sustain steady volume growth this fiscal: CareEdge Ratings
Source: Accord Fintech
2024-07-09 10:58:49 am
Perspective on WPI Data by Rajani Sinha, Chief Economist, CareEdge Ratings, CareEdge Ratings Below the Perspective on WPI Data by Rajani Sinha, Chief Economist, CareEdge Ratings, CareEdge Ratings   ‘In line with the expectations, WPI inflation rose from 1.3% in April to 2.6% in May, a 15-month high. Inflation in primary articles rose by 7.2%, led by higher food inflation. Inflation in manufactured products entered positive territory after 14 months. While Brent crude prices have moderated in the past in the past two months, the recent uptick in global commodity price...
Perspective on WPI Data by Rajani Sinha, Chief Economist, CareEdge Ratings, CareEdge Ratings
Perspective on WPI Data by Rajani Sinha, Chief Economist, CareEdge Ratings, CareEdge Ratings
Source: CareEdge Ratings
2024-06-14 05:00:16 pm
Perspective on CPI Data By Rajani Sinha, Chief Economist, CareEdge Ratings Below The  Perspective on CPI Data by Rajani Sinha, Chief Economist, CareEdge Ratings.   CPI inflation, broadly in line with the expectations, moderated to 4.83% in April. Core inflation persisted at a benign rate of 3.2%. Reversing last month's trend, food inflation inched up to 7.9% as the ongoing deflation in the oil and fat category fell to a single digit after 12 months. The high inflation in specific food categories, including vegetables and pulses, remain a concern....
Perspective on CPI Data By Rajani Sinha, Chief Economist, CareEdge Ratings
Perspective on CPI Data By Rajani Sinha, Chief Economist, CareEdge Ratings
Source: CareEdge Ratings
2024-05-14 10:12:07 am
MFs` Exposure to NBFCs Rises Faster Compared to that of Bank Advances - CareEdge Ratings Synopsis • The credit exposure of banks to NBFCs stood at Rs 15.5 lakh crore in March 2024, indicating a 15.3% y-o-y growth that is approximately half of the growth rate reported in March 2023. This growth is after HDFC’s exposures being reclassified after its merger with HDFC Bank. On a month-on-month (m-o-m) basis, the amount rose by 2.2%. However, the proportion of NBFC exposure in relation to aggregate credit has reduced from 9.7% in March 2023 to 9.4% in March 2024. This ca...
MFs` Exposure to NBFCs Rises Faster Compared to that of Bank Advances - CareEdge Ratings
MFs` Exposure to NBFCs Rises Faster Compared to that of Bank Advances - CareEdge Ratings
Source: Care Edge Rating
2024-05-11 09:28:08 am
Branded Jewellers' FY25 Revenues Set to Grow 20%, Margins May Moderate by CareEdge Ratings Synopsis • The domestic jewellery industry is expected to record muted volume growth in FY25 due to a steep rise in gold prices in the recent months, the evolving macroeconomic scenario and the likelihood of high volatility in prices. • The branded jewellery retailers are, however, expected to record healthy revenue growth of 20-22% on a YoY basis in FY2025, with projected volume growth of around 5% YoY, led by aggressive store additions, changing consumer preferences, continued ris...
Branded Jewellers' FY25 Revenues Set to Grow 20%, Margins May Moderate by CareEdge Ratings
Branded Jewellers' FY25 Revenues Set to Grow 20%, Margins May Moderate by CareEdge Ratings
Source: CareEdge Rating
2024-05-10 10:27:05 am
Views on Indian Rupee By Rajani Sinha, Chief Economist, CareEdge Ratings Below The Views on Indian Rupee by Rajani Sinha, Chief Economist, CareEdge Ratings.   “With inflation in the US, surpassing market expectations for four consecutive months, inflationary concerns have aggravated. In its May policy, the Fed acknowledged limited further progress towards its inflation goal and highlighted that the inflation path remains uncertain. Markets expect US interest rates to stay higher-for-longer and are pricing in just one rate cut in 2024. Meanwhi...
Views on Indian Rupee By Rajani Sinha, Chief Economist, CareEdge Ratings
Views on Indian Rupee By Rajani Sinha, Chief Economist, CareEdge Ratings
Source: CareEdge Ratings
2024-05-04 10:03:35 am
National Highways construction in India to decline by 7-10% in FY25: CareEdge Ratings CareEdge Ratings has said that the pace of National Highways construction in India is estimated to slow down by 7-10 per cent to around 31 km/day in the current fiscal (FY25) due to heightened execution challenges. The pace of National Highways construction in India during FY24 registered a healthy uptick of 20 per cent to 34 km/day. It expects National Highways Construction to slow down from 12,350 km in FY24 to 11,100-11,500 km in FY25. However, according to the rating agency, despite th...
National Highways construction in India to decline by 7-10% in FY25: CareEdge Ratings
National Highways construction in India to decline by 7-10% in FY25: CareEdge Ratings
Source: Accord Fintech
2024-05-02 10:32:37 am
Perspective on Indian Rupee by Rajani Sinha, Chief Economist, CareEdge Ratings Below the Perspective on Indian Rupee by Rajani Sinha, Chief Economist, CareEdge Ratings   ‘While concerns regarding Iran-Israel tensions have eased, a strong dollar continues to weigh on emerging market currencies including INR. Markets have trimmed their Fed rate cut expectations following robust economic data and higher-than expected inflation in the US. Moreover, recent commentary from Fed officials has been hawkish. FPIs have so far pulled out of Indian markets in A...
Perspective on Indian Rupee by Rajani Sinha, Chief Economist, CareEdge Ratings
Perspective on Indian Rupee by Rajani Sinha, Chief Economist, CareEdge Ratings
Source: Care Edge Rating
2024-04-26 10:15:43 am
Views on CPI and IIP by Rajani Sinha, Chief Economist, CareEdge Ratings Below the Views on CPI and IIP by Rajani Sinha, Chief Economist, CareEdge Ratings   CPI-March 2024   CPI inflation, broadly in line with the expectations, has moderated to 4.9% in March from 5.1% in February. Core inflation remained subdued and moderated marginally, consistently staying below the 4% threshold for fourth consecutive months. Although there has been a broad-based moderation in the overall CPI basket, food inflation persists at elevated levels despite m...
Views on CPI and IIP by Rajani Sinha, Chief Economist, CareEdge Ratings
Views on CPI and IIP by Rajani Sinha, Chief Economist, CareEdge Ratings
Source: CareEdge Ratings
2024-04-13 01:56:54 pm
India aims for 30% of all vehicle sales to be electric by 2030: Care Edge Ratings An analysis by Care Edge Ratings has said that the demand for vehicles powered by traditional fuels is progressively shifting towards those that utilise alternative fuels. The share of petrol vehicle sales, as a percentage of total vehicle sales, has recorded a significant decline, decreasing from 86 percent in 2020 to 76 percent in 2023 while for diesel vehicles it has slightly decreased from 12 percent in 2020 to 11 percent in 2023. It stated the sales volume of alternative fuel-driven v...
India aims for 30% of all vehicle sales to be electric by 2030: Care Edge Ratings
India aims for 30% of all vehicle sales to be electric by 2030: Care Edge Ratings
Source: Accord Fintech
2024-03-26 10:13:35 am
CareEdge Ratings unveils its Sovereign Rating Methodology for Public Consultation CareEdge Ratings today unveiled its detailed Sovereign Rating Methodology, which will be used to assess the credit profile of sovereign debt issuers on a global rating scale.  A sovereign rating is an assessment of the sovereign’s ability and willingness to service its debt in full and in a timely manner.  Speaking on the occasion, Mehul Pandya, MD and CEO, CareEdge Ratings, said, "This is an important step in our journey towards evolving into a global knowledge-b...
CareEdge Ratings unveils its Sovereign Rating Methodology for Public Consultation
CareEdge Ratings unveils its Sovereign Rating Methodology for Public Consultation
Source: PR Agency
2024-01-31 11:21:59 am
Escalation of global debt post COVID a major concern, says CareEdge Ratings A recent report by CareEdge Ratings examines the potential implications of the surge in global debt following COVID-19, revealing how it has reached concerning levels of USD 92 trillion, accounting for about 92% of global GDP in 2022. Nearly USD 19 trillion, or about 20% of this global public debt, has been accumulated since the onset of 2020. According to data from the International Monetary Fund, this Global Public Debt is expected to surge to USD 132 trillion by the year 2028.   ...
Escalation of global debt post COVID a major concern, says CareEdge Ratings
Escalation of global debt post COVID a major concern, says CareEdge Ratings
Source: PR Agency
2023-12-21 04:57:37 pm
Will the Telangana HC Ruling Change Fortunes for Andhra MFI Sector? - CareEdge Rating Synopsis*?The microfinance industry, which once thrived in the former state of Andhra Pradesh (AP), experienced a significant setback following the enactment of the 2010 ordinance by the AP government, imposing stringent regulations on the operations of microfinance organisations within the state. Formerly, Andhra Pradesh had been a pioneering force in the microfinance sector, commanding a substantial 65% share of pan-India MFI gross loans as of March 31, 2011. However, the MFI industry w...
Will the Telangana HC Ruling Change Fortunes for Andhra MFI Sector? - CareEdge Rating
Will the Telangana HC Ruling Change Fortunes for Andhra MFI Sector? - CareEdge Rating
Source: PR Agency
2023-10-25 03:39:39 pm
RBI Monetary Policy : The Monetary Policy Committee`s decision to maintain the current policy rate and stance was on expected lines says Rajani Sinha, Chief Economist, CareEdge Ratings Below the Views on RBI Monetary Policy Rajani Sinha, Chief Economist, CareEdge RatingsThe Monetary Policy Committee?s decision to maintain the current policy rate and stance was on expected lines. Overall, the policy had a hawkish undertone to it. The governor sounded cautious about inflation even though the full-year inflation projection was unchanged. It is to be noted that the governor reiterated the RBI?s commitment to bring CPI inflation down to 4% target. The RBI kept the...
RBI Monetary Policy : The Monetary Policy Committee`s decision to maintain the current policy rate and stance was on expected lines says Rajani Sinha, Chief Economist, CareEdge Ratings
RBI Monetary Policy : The Monetary Policy Committee`s decision to maintain the current policy rate and stance was on expected lines says Rajani Sinha, Chief Economist, CareEdge Ratings
Source: PR Agency
2023-10-06 03:21:04 pm
RBI`s Policy Preview: MPC to Maintain Pause - CareEdge Ratings Economic Headwinds Intensified Since the August MPC MeetingThe forthcoming Reserve Bank of India's (RBI) monetary policy committee (MPC) meeting, scheduled for the upcoming week, is set against a backdrop of growing domestic as well as external economic challenges. These domestic challenges encompass growing risks to consumption demand amid soaring food inflation, an uneven monsoon adversely affecting kharif crops, higher interest rates and rising global crude oil prices.The Q1 FY24 GDP fi...
RBI`s Policy Preview: MPC to Maintain Pause - CareEdge Ratings
RBI`s Policy Preview: MPC to Maintain Pause - CareEdge Ratings
Source: PR Agency
2023-09-30 09:04:55 am