ICRA Credit Rating on Rs. 300.0 crore NCD Programme of BEML Limited

The Rating Committee of ICRA has reaffirmed the rating of BEML Limited's non-convertible debenture (NCD) programme at [ICRA]A+ (pronounced as ICRA A plus). The Outlook on the long-term rating has been revised to Negative from Stable. Instruments with [ICRA]A rating indicate adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.

The Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating of [ICRA]A+ (pronounced ICRA A plus) outstanding on the Rs. 4,500.0 crore (enhanced from Rs. 2,750 crore) Line of Credit (LOC) of BEML Ltd, and also assigned a long-term rating of [ICRA]A+ (pronounced ICRA A plus) to the additional bank limits of Rs. 1,500 crore. The Outlook on the long-term rating has been revised to Negative from Stable. The rating committee has also reaffirmed the short-term rating of [ICRA]A1+ (pronounced ICRA A one plus) outstanding on the aforementioned LOC and also assigned a short-term rating of [ICRA]A1+ to the additional bank limits of Rs. 250 crore.

Shares of BEML LTD. was last trading in BSE at Rs.582.8 as compared to the previous close of Rs. 601.4. The total number of shares traded during the day was 70516 in over 2627 trades.

The stock hit an intraday high of Rs. 592.95 and intraday low of 577.85. The net turnover during the day was Rs. 41256441.

Source : Equity Bulls

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