Kolte-Patil hits upper-circuit on ratings re-affirmation

Shares of realty firm Kolte-Patil Developers hit the upper circuit on the bourses today after Crisil re-affirmed the investment grade rating on the company's loan facilities and other instruments.
On BSE, the stock surged 19.95 per cent to hit the upper circuit of Rs 100.40 after opening at Rs 84.90.
The scrip also soared 19.95 per cent to hit upper circuit of Rs 99.80 on NSE. It had opened at Rs 83.90.
On the volume front, over nine lakh shares of the company exchanged hands on the bourses.
As per a BSE filing by Kolte-Patil Developers, Crisil has reaffirmed its A+/Stable rating on bank loan facilities worth Rs 300 crore.

The rating agency has also reaffirmed its FAA-/Stable rating on Kolte-Patil's Rs 50 crore fixed deposits programme and A+/Stable rating on Rs 100 crore NCDs, the filing added.
'A+' indicates that there is adequate degree of safety with respect to timely servicing of financial obligations while 'FAA-' rating indicates that degree of safety regarding timely payment of interest and principal is strong, as per the filing.