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CARE reaffirms credit ratings on bank facilities of Arvind Fashions; Stock jumps 2.5%

The rating on long-term/ short-term bank facilities has been reaffirmed at CARE A- (negative outlook) / CARE A2+.

December 16, 2021 9:50 IST | India Infoline News Service
CARE Ratings Limited has reaffirmed the credit ratings of Arvind Fashions Limited bank facilities. The rating on long-term/ short-term bank facilities has been reaffirmed at CARE A- (negative outlook) / CARE A2+.

“While noting the adverse impact of Covid during H1FY22, rating agency took note of various measures undertaken to improve the profitability through discontinuation of many loss-incurring brands to focus on the portfolio of 6 key brands, improvement in financial performance in Q2FY22 along with strong demand recovery during festival season in Q3FY22 and infusion of non-debt funds through preferential allotment and proceeds from sale of ‘Unlimited’ retail business leading to adequate liquidity being available with the company,” Arvind Fashions shared the reason of CARE Ratings.

At around 9.54 am, Arvind Fashions Ltd was trading at Rs301.70 per piece up by Rs7.1 or 2.41% from its previous closing of Rs294.60 per piece on the BSE.

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