Gokaldas Exports surges 9% as ICRA revises outlook to positive from stable

ICRA expected strong performance of Gokaldas Exports in the coming quarters on the back of its established market position and strong relationship enjoyed with large international customers.

Shares of Gokaldas Exports rallied 9 per cent to Rs 338.10, hitting a multi-year high on the BSE in Tuesday’s intra-day trade after rating agency ICRA upgraded the company's long-term rating for Line of Credit (LOC) amounting to Rs 425 crore to [ICRA] A- (positive) from [ICRA]BBB (stable).

The outlook has been revised to positive from stable. Further, ICRA has upgraded the short-term rating for the LOC to [ICRA] A2+ from [ICRA] A3+.

The stock of the textiles company was trading at its highest level since September, 2006. It had hit an all-time high of Rs 405 in