Ind Ra affirms Greenply Industries' long-term issuer rating at 'AA-' with stable outlook; Stock gains 1.5%

7 Jan 2022 , 12:08 PM

India Ratings and Research (Ind-Ra) has affirmed Greenply Industries Limited’s (Greenply) Long-Term Issuer Rating at ‘IND AA-’. The Outlook is Stable.

Further, short-term ratings and commercial papers have been affirmed at IND A1+.

According to the rationale report, Ind-Ra continues to take a consolidated view of Greenply along with its wholly-owned subsidiaries to arrive at the ratings, due to a broadly similar business line in the plywood industry. Greenply procures 100% of its face veneer requirement for manufacturing plywood from GMEL and GGSA.

At around 12:09 PM, Greenply Industries was trading at Rs213.05 apiece up by Rs3.15 or 1.5% on the BSE.