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Eveready Industries drops after rating downgrade

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Industries fell by 2.92% to Rs 88.25 at 09:19 IST on the BSE, after the company announced that a rating agency has downgraded the company's long term credit rating.

The announcement was made after market hours yesterday, 10 June 2019.

Meanwhile, the S&P was up 86.96 points, or 0.22% to 39,871.48.

On the BSE, 780 shares were traded in the counter so far compared with average daily volumes of 20,000 shares in the past two weeks. The stock had hit a high of Rs. 89.50 and a low of Rs. 87.60 so far during the day. It hit a 52-week high of Rs. 270.05 on 24 August 2018 and a 52-week low of Rs.67.70 on 17 May 2019.

Industries announced that Ratings and Research had downgraded the company's Long term Credit Rating to 'IND BBB' from 'IND A+' and maintained it on Rating watch Negative. The credit rating agency cited increased leverage and weakened liquidity as reasons for the downgrade of the credit rating.

Industries India reported a net profit of Rs 4.08 crore in Q4 March 2019 over a net loss of Rs 16.12 crore in Q4 March 2018. The net sales of the company fell by 10.9% to Rs 311.72 crore during the stated period.

Eveready Industries India is engaged in the business of marketing of fast moving consumer goods (FMCG), such as dry cell batteries, rechargeable batteries, flashlights, packet tea and general lighting products.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 09:31 IST