Sigachi Industries gains ~4% as CARE revises company's credit ratings

23 Feb 2022 , 02:57 PM

In its regulatory filing on Wednesday, Sigachi Industries Limited informed that the credit rating agency CARE Ratings Limited has upgraded the ratings allotted to its Long term and Short term bank facilities.

CARE ratings allotted a ‘CARE A-’ rating to its long-term bank facilities worth Rs13.93 crore against the previous ‘CARE BBB’ rating and have given a stable outlook to the facility. While it has upgraded the outlook to stable for the Long term/short-term bank facilities worth Rs8.75 crore as well and rated it ‘CARE A3+’ against existing CARE A-/CARE A2.

Following this development, the company’s stock hit the upper circuit at Rs314.05, up by Rs13.15 or 4.37% as against its previous closing price of Rs300.90. It touched day’s high and low of Rs325 and Rs308 respectively.