ICRA places Syngene International's credit ratings on watch; stock surges ~4%

17 Mar 2022 , 04:26 PM

Syngene International informed the investors and exchanges that ICRA has placed its ‘ICRA AA+’ and ‘ICRA A1+’ rating on the Company’s long-term and short-term banking facilities respectively on ‘Watch with Developing Implications’ following the rating action on the debt facilities of the holding Company, Biocon Ltd.

ICRA mentioned in its statement, “Based on a review of the latest developments (ICRA placing the ratings of [ICRA]AA+ and [ICRA]A1+ on bank lines of Biocon Limited on watch with developing implications vide release dated March 10, 2022), the Rating Committee of ICRA, after due consideration of the best available information, has placed both the long-term rating of [ICRA]AA+ (pronounced ICRA double A plus) and short-term rating of [ICRA]A1+ (pronounced ICRA one plus) of Syngene International Limited under watch with developing implications.

Syngene International Ltd ended at Rs592.55 up by Rs21.65 or 3.79% from its previous closing of Rs570.90 on the BSE with intraday high and low of Rs594.50 and Rs573.60 respectively.