Ind-Ra upgrades ratings for debt instruments of Electrosteel Castings; Stock gains 1.5%

The rating on long-term loan was upgraded to IND A+/Stable from an earlier rating of IND A/RWP.

Oct 07, 2021 10:10 IST India Infoline News Service

Electrosteel Casting
India Ratings & Research Private Limited has upgraded the credit ratings for the debt instruments/facilities of Electrosteel Castings Limited.
The rating on the Long-term loan Rs7,102.2 million (decreased from Rs8,390 million) of the company was upgraded to IND A+/Stable. The rating was Off RWP from an earlier rating of IND A/ RWP.

On Fund-based working capital limits Rs5,400 million, the rating was upgraded to IND A+/Stable/lND Off IND A/RWP from earlier rating of IND A/RWP/IND A1/RWP. The rating on non-fund-based working capital limits Rs8,500 million was upgraded to IND A1+; Off RWP from previous rating of IND A1 / RWP.

At around 10.18 am, Electrosteel Castings was trading at Rs37.45 per piece up by Rs0.55 or 1.49% from its previous closing of Rs36.90 per piece on the BSE.

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