OTHER GROUP COMPANIES
market

Ind Ra affirms rating of GHCL's Rs100cr commercial paper at 'A1+'; Stock soars 3%

The CP proceeds will be used for fulfilling working capital requirements.

November 29, 2021 1:19 IST | India Infoline News Service
India Ratings and Research (Ind-Ra) has upgraded GHCL Limited’s Long-Term Issuer Rating to ‘IND AA-’ from ‘IND A+’. The Outlook is Stable.

Further, Ind Ra has also affirmed 'IND A1+' to GHCL Limited for issuance of Commercial Paper (CP) of Rs100cr, which shall be carved out of existing working capital facilities.

As per rationale report, the CP proceeds will be used for fulfilling working capital requirements/refinancing of debt/bridge finance/capital expenditure.

Ind-Ra has continued to take a consolidated view of GHCL and its wholly-owned subsidiaries - Grace Home Fashion LLC and Dan River Properties LLC, owing to the strong operating and strategic linkages among the entities.

The upgrade reflects GHCL’s continued healthy business profile, reflected in its leading market position in domestic soda ash industry, its competitive cost structure, resilient margin profile and healthy credit metrics, which are likely to be sustained over the medium term.

The ratings factor in the proposed demerger of the textile segment, which is likely to result in a more stable earnings profile.

At around 1:17 PM, GHCL was trading at Rs386.90 apiece up by Rs10.95 or 2.91% on Sensex.

OPEN A DEMAT ACCOUNT & Get FREE Benefits worth 10,000

OPEN A DEMAT ACCOUNT & Get
FREE Benefits worth 10,000

STOCK VIEW

PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

FEATURED ARTICLE

BLOGS

Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity