IFCI gains after upward revision of credit rating by CARE Ratings

IFCI gained 3.17% to Rs 39.10 at 11:00 IST on BSE after the Indian credit rating agency, CARE Ratings revised higher the credit rating of company's bank facilities and other debt instruments.

The company made announcement after market hours yesterday, 26 February 2015.

Meanwhile, the S&P BSE Sensex was up 126.89 points or 0.44% at 28,873.54.

On BSE, so far 4.69 lakh shares were traded in the counter as against average daily volume of 8.86 lakh shares in the past quarter.

The stock hit a high of Rs 39.50 and low of Rs 38.10 so far during the day. The stock had hit a 52-week high of Rs 44.90 on 10 June 2014. The stock had hit a 52-week low of Rs 22.60 on 3 March 2014.

The stock had outperformed the market over the past one month till 26 February 2015, rising 0.13% compared with 1.82% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 2.45% as against Sensex's 1.27% rise.

The mid-cap firm has equity capital of Rs 1662.04 crore. Face value per share is Rs 10.

IFCI said that based on recent developments including operational and financial performance of IFCI for the 9 months period ended 31 December 2014, CARE Ratings has revised the rating assigned to debt instruments of IFCI. The rating was revised upward from 'CARE A' to 'CARE A+' for long term bank facilities and long term debt instruments. The rating was revised higher from 'CARE A1' to 'CARE A1+' for the short term bank facilities and commercial paper. The rating for subordinate bonds was revised higher from 'CARE A-' to 'CARE A'.

IFCI's net profit dropped 6.1% to Rs 133.77 crore on 5.7% rise in total income to Rs 848.81 crore in Q3 December 2014 over Q3 December 2013.

IFCI is a financial Institution catering to the long-term finance needs of the industrial sector.

Powered by Capital Market - Live News