Atul gains after revision of credit ratings

Atul rose 1.41% to Rs 454 at 11:39 IST on BSE after the company said that the rating agency CARE has revised rating from 'CARE AA-' to 'CARE AA' assigned to the long-term facilities of the company.

The announcement was made after market hours on Thursday, 9 January 2014.

Meanwhile, the S&P BSE Sensex was up 160.52 points or 0.77% at 20,873.89.

On BSE, so far 1,005 shares were traded in the counter as against average daily volume of 10,152 shares in the past one quarter.

The stock hit a high of Rs 457.70 and a low of Rs 450 so far during the day. The stock hit a 52-week high of Rs 472.25 on 11 December 2012. The stock hit a 52-week low of Rs 280.20 on 26 June 2013.

The stock had outperformed the market over the past one month till 9 January 2014, surging 9.92% compared with the Sensex's 2.87% fall. The scrip had also outperformed the market in past one quarter, jumping 30.56% as against Sensex's 2.29% rise.

The small-cap company has equity capital of Rs 29.66 crore. Face value per share is Rs 10.

CARE also reaffirmed the rating 'CARE A1+' to the Commercial Paper (CP) and short term facilities (borrowings up to one year) of the company, Atul said.

Atul's net profit rose 14% to Rs 55.54 crore on 6.9% growth in net sales to Rs 574.35 crore in Q2 September 2013 over Q2 September 2012.

Atul has seven businesses, namely, aromatics, bulk chemicals & intermediates, colors, crop protection, floras, pharmaceuticals & intermediates, and polymers.

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