Acuite upgrades rating of GRM Overseas’ bank facilities worth Rs238 crore; stock slips ~2%

Further, the short-term rating has been upgraded to ‘ACUITE A2’ from the existing ‘ACUITE A4+’.

August 19, 2022 1:16 IST | India Infoline News Service
GRM Overseas Limited informed that the rating agency has upgraded the ratings assigned to the company’s various bank facilities.

Acuite has upgraded long-term rating to ‘ACUITE BBB+’ from existing ‘ACUITE BB’ on instruments worth Rs19 crore. Outlook on long-term instruments is ‘Stable’.

Further, the short-term rating has been upgraded to ‘ACUITE A2’ from existing ‘ACUITE A4+’ on instruments worth Rs201 crore.

Acuité has also assigned a short-term rating of 'ACUITE A2' on the Rs18 crore bank facilities.

GOL's rating was upgraded and issued based on considerable improvements in the company's scale of operations and a strong financial risk profile. It is also reassured by the company's competent management and well-established brand position in the Agri-food market.

However, the grade is limited by the company's working capital-intensive operations and the risk of currency fluctuations. The company's capacity to sustain its size of operations while preserving profitability, as well as its ability to optimize its working capital cycle, will continue to be a major rating sensitivity factor.

At around 1.21 PM, GRM Overseas was trading at Rs358.70 down by Rs6.85 or 1.87% from its previous closing of Rs365.55 on the BSE. The scrip touched intraday high and low of Rs368.05 and Rs356 respectively.

Invest wise with Expert advice



Open Demat Account

Invest wise with Expert advice

By continuing, I accept the Terms & Conditions and agree to receive updates on Whatsapp