Ind-Ra affirms Beekay Steel's long-term issuer rating to ‘Ind A'; stock zooms ~2%

6 Apr 2022 , 12:28 PM

IBeekay Steel Industries Limited (BSIL) informed the investors and exchanges that India Ratings and Research (Ind-Ra) has affirmed the Long-Term Issuer Rating at ‘IND A’ with a Stable Outlook.

The rating agency has affirmed the ‘Ind A/ Stable’ rating and outlook to the company’s Fund-based working capital limit worth Rs240 crore, which was earlier Rs162 crore. Whilst it has affirmed the ‘Ind A1’ rating assigned to a Non-fund-based working capital limit worth Rs58 crore.

Company’s term loan with a maturity date in March 2029 has been assigned an ‘Ind A’ rating and was given a stable outlook for the same.

India Ratings, in order to issue and maintain its ratings, relies on factual information it receives from issuers and underwriters and from other sources India Ratings believes to be credible.

India Ratings conducts a rational investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for given security.

Beekay’s stock added 1.65% so far in today’s trade. At around 12.34 PM, it was trading at Rs455 against its previous close of Rs447.60 on NSE. It touched the intraday high and low of Rs459.95 and Rs437.60 respectively.