Ind Ra upgrades Godawari Power -; Ispat long-term rating to 'A+/Stable'; Stock up 1%

22 Mar 2022 , 12:54 PM

India Ratings and Research (Ind-Ra) has upgraded Godawari Power & Ispat Limited (GPIL) Long-Term Issuer Rating to ‘IND A+’ from ‘IND A’. The Outlook is Stable. Short-term ratings has been upgraded to IND A1+.

As per rating rationale report, the upgrade reflects an improvement in GPIL’s credit risk profile over 1HFY22 aided by faster-than-expected deleveraging.

GPIL has increased its stake in Hira Ferro Alloys Limited (HFAL; IND BBB+/Stable) beyond 50% during FY22. Accordingly, Ind-Ra has consolidated HFAL with the standalone profile of GPIL for arriving at the ratings.

At around 12:56 PM, Godawari Power & Ispat was trading at Rs382.45 apiece up by Rs3.8 or 1% from its previous closing of Rs378.65 apiece on the BSE.