ICRA reaffirms rating of Nelcast's bank facilities worth Rs480 crore; stock slips ~2%

4 Aug 2022 , 11:32 AM

Nelcast Limited informed that the company has received a credit rating from ICRA. The rating agency has reviewed various bank facilities of the company.

The company informed that the rating agency has reaffirmed the ‘ICRA A’ rating on long-term Term Loans and Long-term fund-based limits worth Rs167.05 crore and Rs150 crore respectively. All the long-term bank facilities were given a ‘Stable’ outlook.

Further, ICRA has re-affirmed ‘ICRA A1’ rating to the company’s short-term fund-based limits worth Rs45 crore, and short-term non-fund-based limits worth Rs18 crore.

The rating agency has re-affirmed ‘ICRA A1’ rating on company’s Commercial Papers worth Rs30 crore.

ICRA has reaffirmed an ‘ICRA A/ICRA A1’ rating on Proposed Long term/Short-term Fund based Limits. The amount of these limits has been enhanced to Rs69.95 crore from the existing Rs2 crore.

At around 11.35 AM, Nelcast was trading at Rs69.10 down by 1.71% from its previous closing of Rs70.30 on the BSE. The scrip opened at Rs70.40 and has touched intraday high and low of Rs71.20 and Rs69 respectively.