India Ratings and Research (Ind-Ra) has placed Sagar Cements Limited’s (SCL) Long-Term Issuer Rating of ‘IND A’ on Rating Watch Evolving (RWE).
Ind Ra assigned IND A/RWE rating to NCDs and term loans of the company.
As per rationale report, Ind-Ra continues to take a consolidated view of SCL and its subsidiaries – Sagar Cements (R) Limited (‘IND A’/RWE; 100% stake held by SCL), Sagar Cements (M) Pvt Ltd (formerly Satguru Cement Private Ltd, Satguru Cement, ‘IND A’/RWE, 65%) and Jajpur Cements Private Ltd (Jajpur Cements, ‘IND A’/RWE, 100%) – due to the strong operating and strategic linkages, and moderate legal linkages among them.
The RWE reflects SCL’s business expansion plans (mainly through the inorganic route), that can have a bearing on the company’s credit profile.
At around 11:39 AM, Sagar Cements was trading at Rs269 per piece higher by 0.02% on Sensex.
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