CARE assigns rating to Titan Company’s facilities worth Rs11,500 crore

10 Jan 2023 , 01:58 PM

Titan Company Limited informed that the rating agency CARE Ratings has assigned ratings to various facilities of the company.

CARE Ratings has assigned a CARE AAA rating to the company’s long-term bank facilities worth Rs3,555 crore. It has given a Stable outlook to these facilities.

Further, CARE has given CARE A1+ rating to short-term facilities of the company worth Rs6,445 crore.

CARE has also assigned CARE A1+ rating to the Commercial Paper program of Titan Company worth Rs1,500 crore.

The ratings assigned to Titan’s bank facilities and commercial paper are based on its membership in the Tata group, established brand equity, and leadership position in the organized jewellery and watches segment, stated CARE in its rating rationale.

The ratings also consider the company’s strong operating efficiency, favourable product mix, year-over-year improvement in overall performance, healthy financial risk profile with superior liquidity, and stable industry outlook.

At around 1.55 PM, Titan was trading 0.97% lower at Rs2,460.50 apiece, against the previous close of Rs2,484.65 on NSE. The counter touched an intraday high and low of Rs2,498.70 and Rs2,456 respectively.

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