DCW advanced 3.65% to Rs 42.60 after India Ratings and Research upgraded the company's long-term issuer rating to 'IND A-' from 'IND BBB+'.
The outlook is 'Stable', the ratings agency said.
India Ratings said that the upgrade reflects DCW's better-than-expected operational performance in 9MFY22, leading to a year-on-year improvement in the credit metrics; and continued strong outlook for polyvinyl chloride (PVC), caustic soda and chlorinated PVC (CPVC) segments, providing visibility towards sustained profitability and deleveraging.
Commenting on the rating, Vivek Jain, managing director, DCW, said,The rating upgrade by the India Ratings and Research is based on their long-term review of our financial results and our business strategy around growth and diversification. The upgradation from BBB+ to A-, in such an agile environment, reflects the confidence in the company's business model and execution capabilities."
DCW manufactures a wide range of chemicals. It has five divisions: PVC, soda ash, caustic soda (including synthetic rutile), CPVC and SIOP.
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