Long term bank ratings has been revised to CARE BBB- with Stable outlook from CARE BB+/Positive.
And similarly, short term bank ratings has been revised to CARE A3 from CARE A4+.
According to the rationale report, the ratings of the bank facilities of Investment & Precision Castings Limited (IPCL) continue to remain constrained on account of its modest scale of operations.
The ratings are further constrained by its stretched liquidity & weakened debt coverage indicators upon recently concluded large size capex amidst subdued performance in FY21.
At around 1:47 PM, Investment & Precision Castings was trading at Rs220 per share down by Rs1.05 or 0.48% from its previous closing of Rs221.05 per share on the BSE.