Ramkrishna Forgings jumps after ICRA upgrades credit rating

Ramkrishna Forgings rose 4.2% to Rs 527 at 15:20 IST on BSE after the company said that the rating agency ICRA has revised upwards the long term and short term credit ratings of the company.

The announcement was made during market hours today, 17 June 2015.

Meanwhile, the S&P BSE Sensex was up 150.28 points or 0.56% at 26,836.79.

On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 11,792 shares in the past one quarter.

The stock hit a high of Rs 533 and a low of Rs 504.25 so far during the day. The stock had hit a record high of Rs 631.25 on 18 May 2015. The stock had hit a 52-week low of Rs 161 on 27 June 2014.

The small-cap company has equity capital of Rs 27.47 crore. Face value per share is Rs 10.

Ramkrishna Forgings said that the rating committee of ICRA after due consideration has revised upwards the long term rating from [ICRA]BBB+ (pronounced ICRA triple B plus) to [ICRA]A- (pronounced ICRA A minus) and the short term rating from [ICRA]A2 (pronounced ICRA A two) to [ICRA]A2+ (pronounced ICRA A two plus). The outlook for the long term rating is stable.

Ramkrishna Forgings' net profit jumped 636.2% to Rs 34.60 crore on 96.3% growth in net sales to Rs 224.57 crore in Q4 March 2015 over Q4 March 2014.

Ramkrishna Forgings manufactures various forgings items of railways, automobiles and general engineering purposes.

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