KEI Industries soars after ICRA upgrades credit ratings

KEI Industries jumped 4.91% to Rs 877.45 after the credit ratings agency ICRA upgraded its rating on the long-term and short-term bank facilities / debt instruments of the company.

ICRA has upgraded the company's long-term rating to '[ICRA] AA-' from '[ICRA] A+', the short-term rating to '[ICRA] A1+' from '[ICRA] A1' and the medium-term rating (the fixed deposit rating) to '[ICRA] MAA-' from '[ICRA] MA+'.

KEI Industries is involved in manufacturing low tension, high tension and extra high voltage cables, along with control and instrumentation and specialty cables, house wires and stainless-steel wires.

The company's consolidated net profit increased by 71.04% to Rs 67.10 crore on a 36.52% rise in net sales to Rs 1017.56 crore in Q1 FY22 over Q1 FY21.

 

On a year-to-date (YTD) basis, the stock has zoomed 78.71% while the benchmark Sensex has advanced 24.51% during the same period.

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