CARE reaffirms rating on India Pesticides' facilities worth Rs160 crore; stock rises

12 Oct 2022 , 09:22 AM

India Pesticides Limited informed that CARE Ratings Limited has reviewed the ratings assigned to the company’s long-term and short-term credit facilities worth Rs160 crore.

CARE has reaffirmed ‘CARE A+’ rating on long-term facilities of the company worth Rs80 crore (enhanced from Rs70 crore). The rating agency has given a Stable outlook on the same.

Further, the rating on short-term facilities of the company has been reaffirmed at ‘CARE A1+’. These instruments are worth Rs80 crore, limit enhanced from Rs35 crore.

The reaffirmation of ratings accorded to India Pesticides’ bank facilities continues to benefit from the promoter’s long-standing experience in the pesticides business and the company’s strong competitive position for several of its compounds in national and international markets.

The ratings are also comforted by continued development in the scope of operations and profitability, as well as a good financial risk profile characterised by low debt levels and a strong liquidity position, stated CARE in its rating rationale.

At around 9.25 AM, India Pesticides was trading at Rs294.65 up by 0.24% from its previous closing of Rs293.95 on the BSE. The scrip opened at Rs298.95 and touched intraday high and low of Rs298.95 and Rs294.15 respectively.

For feedback and suggestions, write to us at [e-mail]