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CARE upgrades rating of Jindal Stainless

Press Trust of India  |  New Delhi 

(JSL) today said CARE has upgraded its rating to 'BBB-', reflecting the company's improved profitability, strengthening balance sheet and sustained operational progress.

"JSL, a leading major, has received a rating upgrade from CARE (Ratings), to BBB-' from BB+," the company said in a statement.

Stating that the company was encouraged by the improvement of its rating, JSL MD Abhyuday Jindal said: "this development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level".

The CARE report further acknowledges the inherent strengths of the company, given its long track record and strong position in the domestic market, the company said.

JSL operates a plant at Jajpur, Odisha with a capacity of 0.8 million tonnes per annum.

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

First Published: Fri, June 08 2018. 17:45 IST