After due consideration, ICRA has upgraded the long term rating to [ICRA]A from [ICRA]A-.
The rating committee has also upgraded the short term rating to [ICRA]A1 from [ICRA]A2+. The Outlook on the long term rating is Stable.
The ratings upgrade reflects a sustained improvement in The Sandur Manganese & Iron Ores Limited’s (SMIORE) operating and financial performances.
The Stable outlook on the [ICRA]A rating reflects ICRA’s opinion that demand from the steel industry is expected to remain steady in the near-to-medium term, which coupled with SMIORE’s low-cost mining operations, would lend comfort to its overall financial risk profile.
At around 11:34 AM, Sandur Manganese & Iron Ores was trading at Rs1,899.70 apiece up by Rs83.4 or 4.59% on Sensex.