Supreme Petro climbs after Ind-Ra upgrades long-term rating

Supreme Petrochem surged 10.48% to Rs 645 after India Ratings and Research (Ind-Ra) upgraded the company's long-term rating with stable outlook.

Ind-Ra upgraded Supreme Petrochem's long-term rating to 'IND AA-' from 'IND A+' with stable outlook and confirmed short-term rating at 'IND A1+' for the company's fund and non-fund based working capital facilities from banks.

Supreme Petrochem's net profit surged to Rs 171.62 in Q3 FY21 from Rs 2.07 crore Q3 FY20. Net sales rose jumped 50% to Rs 928.79 crore in the third quarter from Rs 619.08 crore in the same period last year.

Supreme Petrochem is engaged in the business of styrenics and manufactures polystyrene (PS), expandable polystyrene (EPS), masterbatches and compounds of styrenics and other polymers, extruded polystyrene insulation board (XPS) and styrene methyl methacrylate (SMMA).

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