Bhartiya International's stock skyrockets ~7% as ICRA reaffirms ratings

31 May 2022 , 11:18 AM

Bhartiya International Limited informed that the rating agency ICRA Limited has reaffirmed the ratings assigned to the company’s long-term and short-term debt instruments.

ICRA has reaffirmed the ‘ICRA A2’ rating for the company’s non-fund-based working capital facilities worth Rs96.45 crore.

Non-fund-based working capital limits include Letter of Credit/ Buyers’ Credit and Bank Guarantee limits. Further, the overall non-fund-based exposure is capped at Rs75.45 crore with Individual bank-wise exposure capped at Rs35.25 crore for Union Bank of India, Rs38 crore for Kotak Mahindra Bank, Rs11.10 crore for State Bank of India, Rs10 crore for HDFC Bank, Rs35 crore for IndusInd Bank, Rs35 crore for Axis Bank, and Rs20 crore for SBM Bank India Limited.

Company’s Fund-based working capital facilities worth Rs325 crore are rated ‘ICRA BBB’ by the issuer.

Bhartiya International is currently trading at Rs187 up by Rs12.65 or 7.26% from its previous closing of Rs174.35 on the BSE. The scrip opened at Rs167.85 and has touched intraday high and low of Rs191.75 and Rs167.80 respectively.