United Spirits gains after ICRA upgrades debt rating

United Spirits rose 2.04% to Rs 2468.90 at 10:58 IST on BSE after ratings agency ICRA upgraded its ratings on the term loans, fund based facilities, non-fund based facilities and fixed deposits of the company.

Meanwhile, the BSE Sensex was up 72.18 points, or 0.36%, to 20,301.23.

On BSE, 29,000 shares were traded in the counter compared with average volume of 1.51 lakh shares in the past one quarter.

The stock hit a high of Rs 2477 and a low of Rs 2443.70 so far during the day. The stock hit a record high of Rs 2,815 on 18 July 2013. The stock hit a 52-week low of Rs 1,708.20 on 5 April 2013.

The stock had underperformed the market over the past one month till 21 November 2013, sliding 9.48% compared with the Sensex's 3.18% fall. The scrip had, however, outperformed the market in past one quarter, rising 14.69% as against Sensex's 12.97% rise.

The large-cap company has an equity capital of Rs 145.33 crore. Face value per share is Rs 10.

United Spirits (USL) said that rating on its Rs 320.65 crore term loans was revised from "[ICRA]D to [ICRA]BBB- (Stable)"

ICRA revised the rating on the company's Rs 2100 crore fund based facilities (working capital) from "[ICRA]D to [ICRA]A3"

On Rs 400 crore non-fund based facilities (working capital), the agency revised the rating from "[ICRA]D to [ICRA]A3"

The rating on Rs 400 crore fixed deposit program of the company was revised from "MB to MA-"

USL's net profit surged 273% to Rs 94.30 crore on 7% growth in revenue to Rs 2038.70 crore in Q2 September 2013 over Q2 September 2012.

USL is the largest alcohol beverage company in India selling 123.70 million cases for the fiscal ending 31 March 2013.

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