CARE assigns ratings to Can Fin Homes Ltd

M/s CARE Ratings Ltd. (CARE) has assigned ratings to Long-term Bank Facilities vide their Press Release dated 06/10/2020. It has assigned the rating "CARE AAA; Negative" (Triple A; Outlook: Negative) and Rating Action - 'Assigned'.

Rating rationale: The rating assigned to bank facilities of the Company draw comfort from the strong parentage of Canara Bank. Further, the company has strong financial flexibility, relatively low risk portfolio with loans predominantly extended to salaried class and nil wholesale exposure, consistent improvement in income and profit levels strengthen by satisfactory modest growth in its portfolio. Also the Company has maintained strong asset quality and adequate capitalization. These rating strengths outweigh factors such as moderate business size coupled with regional concentration and high gearing levels of the company.

Shares of CAN FIN HOMES LTD. was last trading in BSE at Rs.421.3 as compared to the previous close of Rs. 418.65. The total number of shares traded during the day was 20511 in over 636 trades.

The stock hit an intraday high of Rs. 429 and intraday low of 419.25. The net turnover during the day was Rs. 8704311.

Source : Equity Bulls

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