CARE reaffirms credit ratings of Arvind Fashions; Stock gains over 2%

The rating on Long term/ Short term Bank Facilities has been revised to CARE A-; negative / CARE A2+.

Aug 09, 2021 12:08 IST India Infoline News Service

CARE Ratings has reaffirmed the credit ratings of Arvind Fashions Limited. The rating on Long term/ Short term Bank Facilities has been revised to CARE A- (negative outlook) / CARE A2+ from CARE A- (negative outlook) / CARE A2+.

The business has been severely impacted on account of Covid during FY21 and lower demand recovery because of Covid 2nd wave, rating agency took note of various measures undertaken to improve the profitability through discontinuation of many loss-incurring brands to focus on 6 key brands along with a significant infusion of non-debt funds (including Rights Issue) to counter the adverse impact of Covid,” the company said in a filing on Saturday.

At around 12.05 PM, Arvind Fashions Ltd. wastrading at Rs217.95 per piece up by Rs4.85 or 2.28% from its previous closing of Rs213.10 per piece on the BSE. The scrip opened at Rs211 and has touched a high and low of Rs220.80 and Rs207.05 respectively, so far on Monday.

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