Ganesh Housing Corporation hits 52-week high despite downgrade in ratings by Brickwork

The credit rating agency has moved ratings of long-term bank facilities of the company from BWR BB- (Negative) to BWR B- (Negative) Issuer not cooperating.

Feb 26, 2021 09:02 IST India Infoline News Service

Brickwork Ratings India Pvt. Ltd. has downgraded the ratings of bank loan facilities (long term) of Ganesh Housing Corporation Limited from BWR BB- (Negative) to BWR B- (Negative) Issuer not cooperating.

The company stock was bullish in early trade, hitting new 52-week high of Rs56.30 pe rpiece up 5% on Friday. 

Brickwork's observations, inter-alia, state that the downgrade in the rating is mainly due to further deterioration in operating performance of the company for 9MFY2I leading to EBITDA losses, substantial deterioration in coverage indicators impacting the cash flows and creating uncertainties on the scheduled debt repayment,” company said in a regulatory filing on Thursday.

Related Story

Open Free Demat Account (Rs699)