ICRA assigns A1+ rating to Godrej Industries issue of CP Programme of upto Rs1,500cr; stock trades higher

ICRA Limited has assigned an “outstanding” ICRA A1+ rating to the Godrej Industries Limited’s issue of Commercial Paper Programme of upto Rs1,500cr. The company had sought an enhancement in the amount of CP programme by Rs500cr from Rs1,000cr.

“The Rating Committee of ICRA after due consideration of the latest developments in your company, has assigned the rating of ICRA A1+ to your CP programme for an enhanced amount of Rs1,500cr. Instruments with ICRA A1+ rating indicate very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk,” company informed the exchanges on Tuesday.

At around 10.06 am, Godrej Industries Ltd was trading at Rs415.85 per piece up by Rs7.4 or 1.81% from its previous closing of Rs408.45 on the BSE.

The scrip opened at Rs409 and has touched a high and low of Rs417.50 and Rs409 respectively