Indo Count Ind clocks 1.5% gain on the bourses

India Infoline News Service | Mumbai | October 18, 2016 10:20 IST

The upgrade in ratings by ICRA are demonstrative of the Company's strengthened leading position in the niche Home Textiles segment coupled with consistent cash accruals generated in the business which has led to a strong operational and financial performance.

Stock Market
Indo Count Industries Limited, a leading manufacturer and exporter of Home Textile products, announced that its credit rating has been upgraded by ICRA LTD as under:-

1. ICRA AA - (Double A minus) with outlook as Stable for Long Term Bank Facilities (Term Loans/ Fund Based Facilities) from ICRA A (Single A) signifying high degree of safety regarding timely servicing of financial obligations. Such facilities carry very low credit risk.

2. ICRA A1+ (A One Plus) for Short Term Bank Facilities (Non Fund Based Facilities) from ICRA A1 signifying very strong degree of safety regarding timely payment of financial obligations. Such facilities carry lowest credit risk.

In addition, Credit Analysis & Research Ltd (CARE) recently upgraded Indo Count Industries Ltd‘s Long Term Facilities rating to CARE AA- from CARE A and Short Term Facilities to CARE A1+ from CARE A.

The upgrade in ratings by ICRA are demonstrative of the Company's strengthened leading position in the niche Home Textiles segment coupled with consistent cash accruals generated in the business which has led to a strong operational and financial performance.

Stock Commentary:

Indo Count Industries Ltd is currently trading at Rs 760.65, up by Rs 11.4 or 1.52% from its previous closing of Rs 749.25 on the BSE.

The scrip opened at Rs 770 and has touched a high and low of Rs 770 and Rs 752.9 respectively. So far 43440(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 2958.03 crore.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 1248.45 on 08-Feb-2016 and a 52 week low of Rs 695 on 13-Oct-2016. Last one week high and low of the scrip stood at Rs 760 and Rs 695 respectively.

The promoters holding in the company stood at 58.95 % while Institutions and Non-Institutions held 16.09 % and 24.96 % respectively.

The stock is currently trading below its 200 DMA.

***Note: This is a NSE Chart

 

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