CARE assigns ratings on Pitti Engineering banking facilities; Stock tumbles 5%

On long/short term bank facilities of the company CARE BBB+; Stable / CARE A2 has been reaffirmed.

Sep 17, 2021 12:09 IST India Infoline News Service

CARE Ratings Limited has assigned the ratings on Pitti Engineering Limited banking facilities Rs572.66cr based on the performance for FY2I and Q1FY22.

The rating on long-term bank facilities Rs312.15cr (reduced from Rs350.24cr) has been reaffirmed at CARE BBB+; Stable. On long / short term bank facilities Rs10.50cr CARE BBB+; Stable / CARE A2 has been reaffirmed.

The credit rating agency has assigned CARE A2 rating on short-term bank facilities of the company. On short-term bank facilities Rs135.01cr (Reduced from Rs137.64cr) CARE A2 rating has been reaffirmed

At around 12.18 pm, Pitti Engineering Ltd was trading at Rs152.95 per piece down by Rs8.05 or 5% from its previous closing of Rs161 per piece on the BSE.

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