South India Paper Mills Limited, a manufacturer of Kraft paper announced that ICRA has revised the credit rating for the term loan & fund based working capital limits and non-fund based limits from the bank.
The long term rating from ICRA was upgraded to A- (A minus) from BBB+ (triple B plus) for term loan & fund based working capital limits which suggests stability. It has reaffirmed short term rating of A2+ (A two plus) for non-fund based limits.
The stock of South India Paper Mills has entered a downtrend in the end of July 2016 and is trading consolidation since last few days moving in the range of 115-125. The stock will see a short reversal post 126 and major reversal post 133 levels.
South India Paper Mills is also manufactures corrugated paper and paperboard plus containers of paper and paper board. Company has posted a de-growth in both revenues and net profit by 6.2% and 52.1% qoq respectively during September 2016 quarter.
South India Paper Mills Ltd ended at Rs 123, up by Rs 2 or 1.65% from its previous closing of Rs 121 on the BSE.
The scrip opened at Rs 120.6 and touched a high and low of Rs 123 and Rs 119.05 respectively. A total of 375(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 184.5 crore.
The BSE group 'XT' stock of face value Rs 10 touched a 52 week high of Rs 165.6 on 28-Jul-2016 and a 52 week low of Rs 88.7 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs 126 and Rs 116 respectively.
The promoters holding in the company stood at 44.43 % while Institutions and Non-Institutions held 1.78 % and 53.79 % respectively.
The stock traded below its 200 DMA.