ICRA upgrades credit ratings of Marine Electricals on improved order book position in HIFY22
India Infoline News Service |
24 Jan, 2022 |
ICRA Limited has upgraded the credit ratings of Marine Electricals (India) Limited. The long-term ratings have been upgraded to â€˜ICRA BBBâ€™ with â€˜Stableâ€™ outlook upgraded from ICRA BBB - with â€˜Stableâ€™ outlook. For the short-term ratings, the â€˜ICRA A3+â€™ rating has been upgraded from ICRA A3.
â€œICRA has attributed positive revision in outlook to improved order book position and improved financial profile in HIFY22 led by pick up in revenues and recovery of pending receivables & other factors,â€ the company said in a filing on Monday.
Marine Electricals (India) Limited ended at Rs35.00 per share down Rs1.70 or 4.63% on the NSE. The stock hit a 5% lower brand of Rs34.90 per piece during intraday trade on Monday.