ICRA places Tata Coffee's long-term ratings under watch; stock jumps ~1%

In its regulatory filing, Tata Coffee Limited informed that ICRA Limited vide its letter dated April 5, 2022, has reaffirmed the short-term rating and placed the long-term rating under watch with positive implications.

ICRA’s fund-based bank facilities worth Rs150 crore were previously rated ‘AA+/Stable’ by the rating agency. However, it has been informed that such Long Term Rating has been placed under watch with positive implications.

While commercial paper worth Rs30 crore (short-term) has been assigned ‘A1+’ ratings by ICRA, as previously assigned. Total bank facilities under review stood at Rs180 crore.

Tata Coffee’s stock was trading 0.91% higher at Rs222.90 per piece against the previous close of Rs220.90. It touched intraday high and low of Rs225.60 and Rs220.50 respectively.