CARE reaffirms ratings on JK Tyre's facilities worth Rs4,708 crore; stock rallies ~4%

7 Oct 2022 , 03:12 PM

JK Tyre & Industries Limited informed that CARE Ratings has reaffirmed rating on various facilities of the company.

CARE has reaffirmed the ‘CARE A’ rating on the long-term bank facilities of the company. The outlook has been reaffirmed as ‘Stable’.

Further, the company stated that the rating on short-term bank facilities has been reaffirmed as ‘CARE A1’.

CARE Ratings reaffirmed ‘CARE A’ rating on the Fixed deposit programme of the company.

The rating reaffirmation for the Company’s bank facilities and instruments continues to derive strength from the company’s long operating track record, as characterised by a solid position in the domestic tyre sector and healthy demand situation.

The rating agency has reviewed long-term bank facilities worth Rs3,153.43 crore (enhanced from Rs3,064.25 crore).

Total bank facilities reviewed by the rating agency are worth Rs4,708.43 crore.

At around 3.16 PM, JK Tyre & Industries was trading at Rs179.15 up by 4.04% from its previous closing of Rs172.20 on the BSE. The scrip touched intraday high and low of Rs179.80 and Rs170.35 respectively.

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