Ind-Ra assigns ‘IND A1' rating to Orient Bells' short-term facilities; stock spurts ~4%

5 Sep 2022 , 09:22 AM

India Ratings & Research (Ind-Ra) has assigned a Short-Term Credit Rating of IND A1 to Orient Bell Limited’s facilities.

CRISIL upgraded the Company’s Long Term and Short-Term ratings to CRISIL A/Stable and CRISIL A1, respectively, on June 28, 2022.

“Apart from a recent upgrade by CRISIL, a comparable revalidation of the company’s credit ratings from India Ratings indicates the sustained operational and financial improvement at our company, over the previous several years,” said Himanshu Jindal, the Company’s CFO.

He added, “We are now close to achieving the phase 1 Capex program. This will add 25% of our own organic capacity, and our solid balance sheet, along with better credit ratings. Further providing us the space to pursue and execute our strategic initiatives.”

At around 9.25 AM, Orient Bell was trading at Rs650 up by 3.7% from its previous closing of Rs626.80 on the BSE. The scrip opened at Rs626.20 and touched intraday high and low of Rs659.70 and Rs626.20 respectively.

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