Relaxo Footwears rises after ICRA upgrades credit rating

Relaxo Footwears rose 1.35% to Rs 760.95 at 12:02 IST on BSE after credit ratings company ICRA upgraded the company's long term rating.

The announcement was made after market hours yesterday, 14 January 2019.

Meanwhile, the S&P BSE Sensex was up 337.93 points, or 0.94% to 36,191.49.

On the BSE, 1482 shares were traded in the counter so far compared with average daily volumes of 468 shares in the past two weeks. The stock had hit a high of Rs 763.20 and a low of Rs 756.75 so far during the day. The stock hit a 52-week high of Rs 874 on 1 August 2018. The stock hit a 52-week low of Rs 550 on 6 February 2018.

Relaxo Footwears announced that ICRA vide their letter dated 14 January 2019 has upgraded long term rating to [ICRA] AA (pronounced as ICRA double A) with Stable Outlook from [ICRA] AA- (pronounced as ICRA double A minus) with positive outlook for enhanced limit of Rs 189.71 crore of term loans and fund based facilities of the company.

Net profit of Relaxo Footwears rose 23% to Rs 39.46 crore on 18.56% rise in net sales to Rs 545.19 crore in Q2 September 2018 over Q2 September 2017.

Relaxo Footwears is one of the leading and most popular footwear companies in India.

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