Garware-Wall Ropes gains after ICRA upgrades long-term ratings

Garware-Wall Ropes rose 1.11% to Rs 396 at 12:41 IST on BSE after credit rating agency ICRA upgraded its rating on long-term facilities availed by the company to (ICRA) AA- from (ICRA) A+.

The announcement was made after market hours yesterday, 7 July 2016.

Meanwhile, the BSE Sensex was down 76.17 points, or 0.28%, to 27,125.32.

On BSE, so far 1,710 shares were traded in the counter, compared with average daily volume of 4,136 shares in the past one quarter. The stock hit a high of Rs 402 and a low of Rs 394.05 so far during the day. The stock hit a record high of Rs 438 on 5 January 2016. The stock hit a 52-week low of Rs 220.50 on 9 July 2015. The stock had outperformed the market over the past 30 days till 7 July 2016, rising 12.54% compared with 0.67% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.79% as against Sensex's 10.24% rise.

The small-cap company has an equity capital of Rs 21.88 crore. Face value per share is Rs 10.

ICRA has revised its rating on long-term facilities availed by the company to scale to (ICRA) AA- /Stable (pronounced ICRA double A minus) from (ICRA) A+ (pronounced ICRA A plus).

ICRA has reaffirmed its rating on short-term scale and commercial paper to (ICRA) A1+ (pronounced ICRA A one plus).

On a consolidated basis, net profit of Garware-Wall Ropes rose 40.80% to Rs 17.29 crore on 5.42% decline in net sales to Rs 186.16 crore in Q4 March 2016 over Q4 March 2015.

Garware-Wall Ropes is a leading player in technical textiles, specializing in providing customized solutions to the cordage and infrastructure industry worldwide. The company is known for its innovation in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics and geo-synthetics.

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