 "Gravita India surges on rating upgrade")
Gravita India has surged 16% to Rs 65.75 on BSE after the rating agency CARE has upgraded the company’s bank rating.
“CARE rating has upgraded the bank loan rating of Gravita based on its improved scale of operations and continuous business performance,” Gravita India said in a statement.
The rating agency CARE has upgraded Gravita’s long-term bank loan rating to ‘A-“ from “BBB+” and short term bank loan rating to “A2+” from “A2”, it added.
The company said, this will help company to reduce its interest cost on the borrowings.
The stock opened at Rs 58.25 and touched a high of Rs 68 on BSE. Till 1444 hours, a combined 1.24 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
“CARE rating has upgraded the bank loan rating of Gravita based on its improved scale of operations and continuous business performance,” Gravita India said in a statement.
The rating agency CARE has upgraded Gravita’s long-term bank loan rating to ‘A-“ from “BBB+” and short term bank loan rating to “A2+” from “A2”, it added.
The company said, this will help company to reduce its interest cost on the borrowings.
The stock opened at Rs 58.25 and touched a high of Rs 68 on BSE. Till 1444 hours, a combined 1.24 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
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