Ramco Industries rises after ICRA reaffirms ratings

Ramco Industries added 1.67% to Rs 225.05 after ICRA reaffirmed the short-term and long-term ratings on the debt instruments of the company.

The rating agency has reaffirmed the long-term rating at "[ICRA] AA- (Stable)" and the short-term rating at "[ICRA] A1+".

Ramco Industries is a part of the Chennai-based Ramco Group and is primarily involved in the manufacture of asbestos-based FC sheets, which find application as a roofing material. It is also involved in the spinning of cotton yarn and manufacturing of calcium silicate boards.

The company's consolidated net profit declined 47.83% to Rs 37.39 crore on a 10.94% rise in sales to Rs 337.08 crore in Q3 FY22 over Q3 FY21.

 

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