Nandan Denim hits fresh 52-week high on upgrade in credit rating by ICRA

20 Jan 2022 , 10:37 AM

ICRA Limited has upgraded the long-term rating of Nandan Denim Limited to BBB/positive from BBB-/stable and short term rating has been upgraded to A3+ from A3.

“Healthy recovery and better-than-expected performance of Nandan Denim Limited (NDL) in the recent quarters led by improved demand conditions, which has facilitated an improvement in its credit metrics and liquidity profile,” the company shared ICRA’s rating rationale on Wednesday.

The company stock was in demand on Thursday and at around 10.40 AM, Nandan Denim Ltd was trading at Rs170 per share up by Rs3.5 or 2.1% from its previous closing of Rs166.50 per share on the BSE.

The scrip opened at Rs170.45 and has touched a fresh 52-week high of Rs172.50 per share on the BSE on Thursday.