CRISIL upgrades Goodluck India's long-term credit ratings to ‘A/Stable'; stock zooms ~2.5%

30 Mar 2022 , 11:05 AM

Goodluck India Ltd., amongst India’s leading manufacturers of a wide range of Engineering structures, Precision/Auto Tubes, Forging for Defence & Aerospace, CR Products, and GI Pipes has received an upgraded credit rating from CRISIL on its bank loan facilities.

CRISIL upgraded the Company’s long-term rating from BBB/Positive to A-/Stable and the short-term rating from A3+ to A2+.

The change in rating reflects a substantial improvement in the business and financial profile of Goodluck. The improvement is supported by a significant increase in the scale of operations, healthy order book, and sustained operating margin.

“I am delighted to share that CRISIL has upgraded its credit rating for our bank loan facilities. This improvement in our credit rating is based on our scaling up of operations and should also be helpful for our future growth and expansion plans. We are proud to have received a good rating from CRISIL, which is a benchmark among rating agencies and is revered across markets,” commented Mr. M C Garg, Chairman, Goodluck India Ltd.

Goodluck India is currently trading at Rs282.75 up by Rs6.65 or 2.41% from its previous closing of Rs276.10 on the BSE. The scrip opened at Rs279.50 and has touched day’s high and low of Rs282.75 and Rs279.50 respectively.