CRISIL reaffirms credit rating of Solar Industries' bank facilities; stock skids ~1%

2 Mar 2022 , 02:10 PM

CRISIL Ratings Limited has reaffirmed the credit ratings of Solar Industries’ bank facilities and commercial papers worth Rs1080.50 crore.

The rating agency has rated the company’s long-term banking facilities as CRISIL AA+ and has given a stable outlook for the same. The company’s short-term facilities were rated CRISIL A1+ by the agency.

Its commercial paper worth Rs50 crore was given CRISIL A1+ by the rating agency.

On Wednesday, Solar Industries India plunged 1.20% or Rs27.85 and was trading at Rs2,285 against its previous closing price of Rs2,312.85 on NSE. It touched day’s high and low of Rs2,316.50 and Rs2,281.80 respectively.

The ratings continue to reflect the Solar group’s robust market position in the domestic, export & overseas markets in the explosives and detonators industry, strong operating efficiency, and strong financial risk profile.