Ind-Ra upgrades Puravankara's long-time issuer rating to INDA- with Positive Outlook; Stock gains

Earlier ICRA had upgraded the previous rating and assigned a long-term rating of ICRA A- and the outlook has been revised to Stable from Positive.

Sep 16, 2021 10:09 IST India Infoline News Service

India Ratings and Research (Ind-Ra) has upgraded Puravankara Limited’s long-term issuer rating to ‘INDA-’ from ‘IND BBB+’ for fund-based working capital facility Rs1,000 million. The Outlook is Positive.

“This is further to the intimation on July 31, 2021, that ICRA has upgraded the previous rating and assigned a long-term rating of ICRA A- and outlook has been revised to Stable from Positive and has upgraded the previous short term rating to ICRA A2+ for Rs3,000cr bank facilities of Puravankara Limited,” company said in a filing.

At around 10.58 am, Puravankara Limited was trading at Rs109.60 per piece up Rs0.90 or 0.83% on the BSE. 

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