Tata Steel Long Products said that India Ratings and Research has upgraded the company's long-term issuer rating to 'IND AA+' with 'Stable' outlook.
India Ratings said the upgrade is because of the company's improving credit profile owing to strong realisations which have resulted in strong cash flow generation.
Tata Steel Long Products is one of India's largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.
The company's net profit rose 128.23% to Rs 134.77 crore in the quarter ended September 2021 as against Rs 59.05 crore during the previous quarter ended September 2020. Sales rose 38.07% YoY to Rs 1,637.37 crore in Q2 FY22.
The scrip shed 0.85% to currently trade at Rs 759.85 on the BSE.
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