Tinplate Company of India, Tata Sponge Iron, Tata Metaliks and Tayo Rolls were up in the range of 10% to 18%, while Nelco, Tata Investment Corporation, Oriental Hotels, Tata Elxsi, Tata Consultancy Services (TCS), TRF and Trent up between 2% and 6%. On comparison, the S&P BSE Sensex was down marginally 0.01% at 34,438 points at 03:03 PM.
The rating agency ICRA in last week has reaffirmed the long-term rating of proposed term loan, fund-based limits and short-term ratings of Tata Sponge Iron with stable outlook.
“The reaffirmation of the ratings takes into account Tata Sponge Iron’s highly conservative capital structure, its strong debt-protection metrics and a comfortable liquidity position, given a large cash balance and liquid investment portfolio, which impart a high degree of financial flexibility to the company,” ICRA said in a release.
ICRA also notes the improving demand scenario for sponge iron in the country, which has resulted in an increase in sponge iron realisation in the current year, thereby improving the operating profits of the company.
ICRA believes that the outlook for Tata Sponge Iron will continue to remain stable. The outlook may be revised to 'Positive' if substantial growth in revenue and profitability strengthens the financial risk profile of the company. The outlook may be revised to 'Negative' if the sponge-iron industry goes into a downturn, adversely impacting profits and cash flows significantly.
TCS was up 3% to Rs 2,792 ahead of October-December quarter (Q3FY18) earnings on Thursday, January 11, 2018. The trading close to its all-time high of Rs 2,834 touched on October 7, 2014 on BSE in intra-day trade.
TCS growth has likely bottomed out after slowing for three consecutive years. Stable leadership, early leads into a number of high-growth areas and scale in multiple markets keeps TCS the strongest prospect for long-term growth, analyst at CLSA said in IT services sector outlook.
TCS had a strong recovery in calendar year 2017 (CY17) with around 18% total return including its buyback, dividend and stock performance. We expect another solid year in CY18, it added.
|TATA SPONGE IRON||1198.50||1070.15||12.0|