Tips Industries stock hits fresh 52-week high after CARE withdraws its credit ratings on request

14 Jan 2022 , 11:42 AM

Tips Industries Limited informed the exchanges Thursday that the company is no longer availing of credit facilities. Thus, at the request of the Company, the CARE Ratings Limited, Credit Rating Agency, has withdrawn of the rating assigned to the bank facilities of the Company.

“We have noted that Tips Industries Limited has surrendered the aforementioned bank facilities rated by us and there is no outstanding under the said facility as of date. Taking cognizance of this, we hereby withdraw our rating for Tips Industries Limited’s bank facilities, with immediate effect,” CRISIL said in its withdrawal letter.

At around 11.45 AM, Tips Industries Ltd was trading at fresh 52-week high of Rs2,376.75 per share up by Rs113.15 or 5% (upper circuit) from its previous closing of Rs2,263.60 on the BSE.