Aegis Logistics zooms 7% after Ind Ra affirms long-term issuer rating at 'AA/Positive'

The Positive Outlook reflects Ind-Ra’s expectation of an improvement in the company’s scale of operations.

Nov 25, 2021 11:11 IST India Infoline News Service

Aegis Logistics hits 52-week high
India Ratings and Research (Ind-Ra) has affirmed Aegis Logistics Limited’s (AELL) Long-Term Issuer Rating at ‘IND AA’. The Outlook is Positive.

Short-term ratings has been affirmed to IND A1+.

According to the agency, Ind-Ra continues to take a consolidated view of AELL and its subsidiaries, given the integrated nature of operations, strong strategic linkages and fungibility of cash flows among them.

The Positive Outlook reflects Ind-Ra’s expectation of an improvement in the company’s scale of operations post the announcement of the joint venture (JV) with Royal Vopak N.V (Vopak) in FY22 capital structure optimisation and a likely increase in EBITDA following the commercialisation of capex undertaken in the last few years.

At around 11:26 AM, Aegis Logistics was trading at Rs216.60 apiece up by Rs14.55 or 7.2% on Sensex.

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