Shares of Premier Explosives fell 2.80% to Rs 146 after rating agency ICRA revised the company's long-term rating to 'A-' from 'A' earlier.
In an exchange filing made after market hours yesterday, the company informed that ICRA has revised the credit rating for line of credit (LOC) of the company. The rating on long term is revised to [ICRA] [A-] (Stable) from [ICRA] A (Stable) while the rating on short term is downgraded to [ICRA][A2+] from [lCRA] A1 earlier. The said rating is valid till 19 December 2020, the company added.
On a consolidated basis, Premier Explosives' net profit fell 60% to Rs 88 lakh on 20.4% decline in net sales to Rs 45.05 crore in Q2 September 2019 over Q2 September 2018.
Premier Explosives is engaged in the business of high energy materials (commercial explosives and defense explosives).
The scrip declined 4.16% in two sessions from a recent closing high of Rs 152.35 recorded on 27 December 2019.
The stock is currently trading 47.10% below its 52-week high of Rs 276 hit on 23 January 2019. It is 12.95% above its 52-week low of Rs 129.25 hit on 11 December 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app