CARE gains on strong quarterly numbers

CARE surged 3.6% after the company posted 9.4% rise in the net profit at Rs 26.60 crore

Credit Analysis and Research surged 3.6% to Rs 1,242 at on the BSE after the company posted  9.4% rise in the net profit  at Rs 26.60 crore for the quarter ended June 30, 2014.

 

 Meanwhile, the total income of the company rose14% to Rs 50.30 crore in Q1 June 2014 over Q1 June 2013.

 

Credit Analysis and Research (CARE) operating income surged 23% to Rs 35 crore in Q1 June 2014 as compared to the same period last year.

 

“Given that the markets have continued to remain subdued in this quarter, our performance has been satisfactory. We have worked on both the volume of debt rated as well as surveillance assignments to enhance business income. As the economy appears to look stronger and posed to grow at a better rate in FY15 compared with FY14 we do hope that there will be a pick-up in the debt market; and hence our initial ratings business,”  Said D.R. Dogra, Managing Director & CEO CARE.

 

CARE is the second largest full service rating company in India. CARE Ratings offers a wide range of rating and grading services across a diverse range of instruments and has over 20 years of experience in the rating of debt instruments and related obligations covering wide range of sectors.

 

The stock opened at Rs 1,180, touched a high of Rs 1,244 and a low of Rs 1,180 on the BSE. A total of 9,111 shares have been exchanged on the BSE so far.