CRISIL reaffirms bank loan ratings of Rane Engine Valve; Stock soars 2%

CRISIL has considered the standalone business and financial risk profiles of REVL.

Jun 07, 2021 12:06 IST India Infoline News Service

Rane Engine Valve Limited has informed that, with regard to the Company's debt instruments/ total Bank Loan facilities of Rs200cr, CRISIL reaffirmed Long-Term Rating to 'CRlSlL BBB'. The outlook on long term rating is 'Negative' and Short-Term Rating reaffirmed  to 'CRlSlL A3+'

CRISIL Ratings’ ratings on the bank facilities of REVL continue to reflect company's established market position in India's automotive engine valves segment, diversified revenue profile, and benefits derived from being part of the Rane group. 

For arriving at its ratings, CRISIL has considered the standalone business and financial risk profiles of REVL.

CRISIL has also factored in support from the Rane group, since REVL is an integral part of the group and holds sizeable portion of the group’s land bank. The group is also expected to extend financial support in case of exigencies.

At around 12:12 PM, Rane Engine Valve was trading at Rs314.25 per piece up by Rs5.85 or 1.9% on Sensex.

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